Despite numerous property launches in recent years, the Dubai property market is not expected to face an oversupply in the next four to five years. Rizwan Sajan, founder and chairman of Danube Properties, mentioned that the high demand from investors looking to make Dubai their second home will absorb the new supply. He also highlighted the potential influx of tourists to Dubai once the gaming resort in Ras Al Khaimah opens, which will result in a need for more properties and Airbnb-style facilities. Sajan emphasized that Dubai will not experience an oversupply as many property owners will list their homes on short-term rental platforms, benefiting from the new developments.
The upcoming gaming resort in Ras Al Khaimah and plans for a gaming resort by US-based MGM Resorts in Dubai are expected to significantly impact Dubai’s real estate market. The Wynn Al Marjan Island project, set to open in 2027, will be the first integrated gaming resort in the region, attracting tourists and investors alike. With an increase in new projects and the entry of foreign developers, the post-pandemic period has seen a surge in the Dubai property market. Developers are launching projects at a rapid pace, adding thousands of units to the market for sale.
Despite the increase in property prices over the past few years, Sajan mentioned that prices in Dubai are still relatively cheaper compared to other global cities. According to Savills Research, the average property price in Dubai is significantly lower than in cities like Hong Kong, New York, and London. Sajan ruled out that prices have gone beyond the reach of a large number of investors, stating that Dubai is still under-priced in comparison to many global cities. Despite the challenges faced by developers in finding reliable contractors, the pace of construction continues, ensuring timely completion of projects.
Danube Properties, known for its numerous projects across Dubai, has recently launched two new developments: Bayz102 in Business Bay and Oasiz in Dubai Silicon Oasis. Bayz102, a 102-level building, will be the tallest in Danube’s portfolio and will feature a helipad for air taxis, offering a futuristic mode of transportation for residents and visitors. The project will also include retail outlets and amenities designed to enhance the lifestyle of its residents. Sajan expressed excitement about the project, stating that it represents a new era in luxury living and sets a benchmark for high-rise living in Dubai. Danube Properties is currently looking for more plots in prime areas to launch new projects in the future.
