Emirates NBD Group’s Group Chief Investment Officer Discusses UAE Real Estate Market Outlook
Despite regional geopolitical tensions, the UAE real estate market is thriving, according to Maurice Gravier, group chief investment officer at Emirates NBD Group. In an interview with Khaleej Times, Gravier expressed his optimism about the long-term outlook for the country, comparing it to Switzerland, a country that remained stable despite being surrounded by war for centuries.
Gravier highlighted that the UAE real estate market is still relatively cheap compared to other major financial capitals, making it an attractive investment opportunity for both local and foreign investors. He pointed out that Dubai property prices have been on the rise, driven by strong demand from residents and investors.
According to data from real estate consultancy Savills, Dubai’s prime residential capital value is significantly lower than cities like Hong Kong, New York, London, Paris, and Mumbai. This affordability, coupled with low taxes, has attracted high net worth individuals and professionals to invest in the Dubai property market.
However, Gravier mentioned that with more supply entering the market, prices are expected to moderate in the future. In 2023, Dubai saw the highest number of property handovers since 2020, with over 39,400 units completed. For 2024, there are around 65,000 units slated for handover, with the majority being apartments.
Overall, despite the challenges posed by regional tensions, the UAE real estate market continues to be a safe haven for investors, offering high returns on investment and stable economic and political conditions.
