The market also has a “great amount of buoyancy,” the CEO said
Prices for real estate in Dubai are likely to stabilise soon, but overall the market is being driven by the strong fundamentals of UAE property, ARM Holding CEO Mohammad Al Shehhi told Arabian Business.
The Dubai real estate market has recently posted record results, including an all-time high in the number of transactions.
These records have been built “on the back of the exceptional job the government did during the pandemic, the boost provided by Expo 2020 and the exceptional visa and immigration policies of the government,” Al Shehhi explained.
“We believe that pricing will stabilise however the fundamentals for transaction volume will continue momentum as they are based on strong fundamentals of the UAE. The overarching question mark to the above prediction is twofold. We see an increasing indication of a global recession which will have impact on both the UAE economy and local real estate market. Secondly, the exceptional increase in supply in certain market segments will put pressure on the pricing of certain asset classes.”
ARM Holding also recently revealed that it had played a role in introducing three new restaurant concepts at the upcoming H Residence development set to open in Q1 2023. The development is part of HUNA and will welcome NAC (North Audley Cantine), Cipriani Dolci and Café Kitsuné.
“We are focusing on boutique projects like the H Residence. The property will feature a variety of retail units, as well as two arched wings of 37 duplexes and apartments. The wings will connect via a sky bridge, boasting an infinity pool that overlooks both a stylish plaza and the Dubai skyline,” Al Shehhi said.
On why Dubai remains a popular destination for high-end food and beverage concepts, Al Shehi said that strong global tourism, coupled with a locally diverse population, makes for a “vibrant and highly international food scene.
Source : ArabianBusiness