The real estate sector in Dubai has registered a phenomenal growth since January 2021. Both the residential and commercial assets have recorded exponential growth in sales, despite the pandemic. We talked to British-Indian hotelier Sanjeev Nanda, who owns many restaurants in Dubai, about the sudden surge in the demand for real estate in the emirates.

According to Nanda, there are several factors that are propelling the investors’ interest in purchasing commercial and residential properties in Dubai.

“The economic dynamics of Dubai, along with its status as a global hub for commerce, act as major enabling factors that have piqued the interest of investors lately,” said Sanjeev Nanda

Elucidating on the role of economic dynamics in the Dubai property boom, Nanda said that realty is a major contributor to the GDP of the UAE. This is also an indicator of the reliability of the overall economic situation of the country, thus enticing interested parties from all around the world to invest in Dubai.

Also read: PharmAid MD Sanjeev Nanda lists future-forward trends that are transforming the healthcare sector.

“Since January 2021, the realty market in Dubai has registered a stellar growth with record-breaking sales. Real estate has traditionally made major contributions to the country’s economic stability. Add to it the proactiveness of the administration in making the city perpetually interesting for economic activities, and you have an eye candy for the investors,” said Sanjeev Nanda.

According to the prominent hotelier, the functioning of the government in Dubai also makes the city an attractive prospect for real estate investments. “The government has handled the Covid-19 pandemic really well. Vaccines were distributed quickly, leading to a speedy recovery of the tourism and hospitality sector, along with the resumption of other economic activities,” said Sanjeev Nanda.

He added, “Businesses in Dubai are pacing towards the pre-pandemic levels. Considerable impetus has also been provided by the government through some key modifications to the visa and company ownership laws. You don’t need to have a local partner to set up business in Dubai, and the Golden Visa program is quite lucrative for all those vying for a permanent residency in the UAE.”

Sanjeev Nanda continued, “The vaccination numbers are also pretty good. More than 75% of the eligible population has already received the vaccine, and 100% vaccination goal is likely to be achieved by the end of 2021. All these factors make Dubai an attractive place to set up business or take up residence, thus propelling the real estate investments to record-braking highs.”

Also read: Mumbai real estate showing signs of resurgence.