Dubai: Property prices have not yet peaked, says billionaire – News

Dubai-based billionaire Balvinder Singh Sahni – popularly known as Abu Sabah – stresses that the peak of Dubai’s property market is yet to peak.

“Previously, Dubai received different types of investors, mostly from two or three countries such as Iran, India, Pakistan and Britain. Today there are real end users. Now Russians, Italians, Germans, Americans, Canadians and Indonesians also come. That too to a large extent,” said Sahni, president of the RSG Group.

“Investors come to Dubai because of the security, infrastructure and multicultural society that this City of Gold offers its residents and visitors. Now my friends will also bring their families here. So the buzz will be in the schools and hospitals…I think the ownership hasn’t peaked yet,” he said. Khaleej Times In an interview.

Currently, the Dubai market is witnessing its third rebound after the Coivd-19 pandemic with prices increasing across the board.

Abu Sabah belongs to the old school of thought that believes in building and leasing. He started his career as an investor and is now also known as a top promoter.

“I didn’t understand this concept of taking money from people and taking advantage of their money. We have started selling the Fairmont project on Sheikh Zayed Road after completing 65 per cent.”

Realizing the potential of Dubai’s property market, the chairman of RSG Group began investing in local property long before anyone even thought of it. He ventured into Dubai’s property market in the early 1990s, purchasing land in Mirdif for just Dh6 per square foot.

“I came to Dubai for the first time in 1991. I told my partner in Kuwait that Dubai is just amazing. I’m not sure if there were many nationalities in 1991, but I could see different colors and faces. So we started investing in Mirdif and the price was only Dh6 per square foot, which reached between Dh600 and Dh1,000 in 2006-2007.”

[ad_2]