Dubai, United Arab Emirate: Saleh Tabakh, an expert in investment portfolio management, said that the year 2022 proved that all times of the year are suitable for real estate investment in the United Arab Emirates, especially in the Emirate of Dubai, whereas it was before limited to certain times of the year depending on changing factors.
“The record sales in Dubai real estate market reflect the great development that the market has reached in terms of various real estate products amid unprecedented activity in luxury real estate sales,” Tabakh, the CEO of Al-Andalus Courtyard Real Estate Developer said. He believes that there is no specific time of the year when the market is in preferable performing conditions.
He revealed that the sector does not suffer bear conditions associated with the holiday seasons or the summer holidays. The harbingers of the new year appeared in the first week of the year, which is usually a bear period, as the sector recorded the best annual start ever, with a sales value of more than Dhs7bn during the first week, which is twice the sales for the same period of last year.
Tabakh believes that real estate is a safe store of value against financial and economic fluctuations, an ideal way to preserve and develop capital in the long term, and the best investment vehicle currently to preserve savings.
The expert pointed out that real estate also represents an opportunity to generate additional income, in addition to the original income, and is considered a type of guaranteed and fixed investment, because it is linked to fixed assets in most cases, which are difficult to dissipate.
“Dubai is one of the most important regions for real estate investment, as it topped the real estate investment destinations in the Middle East, due to the high returns and flexible real estate legislations,” Tabakh said.
He revealed that in previous years, buyers used to seek for good opportunities at ideal times and at an excellent price in a better place and suitable space, and take advantage of the offers that are launched at these times in conjunction with the package of facilities related to the purchase of the property, whether from the government or from the real estate developers.
Saleh Tabakh stressed that real estate transactions in the Emirate of Dubai are still making unprecedented records, and this reflects the success of all parties to the real estate sector, whether government agencies or the private sector.
Tabakh stated that the Dubai real estate market is expected to continue upward trajectory in 2023, as real estate prices and annual rents increase further, so it is preferable for everyone who wants to buy a property or conclude a real estate deal in the emirate, to expedite the investment step.
"Of course, the achievements of 2021 and 2022 represent challenges for the real estate sector in light of the exceptional numbers recorded, but they are considered a catalyst for the real estate sector and reflect the degree of maturity that the sector has reached," he said.
The CEO said that all indicators show "positive trends" for the real estate market in Dubai during 2023, and thousands of foreign investors with high net worth are expected to share, which is likely to increase the demand for luxury real estate, as purchase and rental prices go up.
He indicated that these expectations take into account several positive factors, including security, safety, and the state of stability that the UAE enjoys, the laws of attracting investors, the ease of doing business, and 100% ownership of commercial projects.
Tabakh said that the market is moving towards offering more new projects, as it is also witnessing a strong return of demand for off-plan real estate, due to the financing facilities offered by developers away from banks and interest rates. These encourage developers who offer projects for middle-income people to come back offering payment facilities.
About Saleh Tabakh:
Saleh Tabakh, who has extensive experience in the real estate market exceeding 18 years, has been CEO of Al Andalus Courtyard Real Estate Developer in Dubai since November 2020.
He was an adviser to the CEO and Head of Trade, Development and Operations in the “MAG Real Estate Development” between 2019 and 2020, on the board of “GLG”, a consultant based in New York City, between 2016 and 2021, CEO of the “Delta International” real estate company between 2014 and 2019 and General Manager for Middle East at the “United Excellence” group between 2013 and 2014.
He held several positions in the Dubai Properties Group over a period of ten years, including: Chief Commercial Officer between 2010 and 2012, Director of Marketing and Communications between 2009 and 2010, Senior Executive Officer of Marketing and Communications between 2007 and 2009, and Property Executives between 2006 and 2007. During his career he contributed to important projects such as the "Jumeirah Beach Residence" , "Business Bay", "Sunrise and Sunset Mirdif", "Layan" and "Al Waha" projects in Dubailand, "Al Khail Gate" and "The Villa".
Saleh Tabakh supervised and contributed to more than 18 important real estate projects in the Emirate of Dubai, and participated with the Dubai Land Department in launching initiatives, the most important of which is the crowdfunding initiative, collective ownership, and other important initiatives.
He began his professional career in the field of building materials, where he worked in the technical support department in the "National Paints" factories between 2003 and 2006.
He holds a master's degree in business development in 2015 from the Open University in the United Kingdom, a master's degree in risk management in 2010 from the University of Bradford, and a bachelor's degree in entrepreneurship in 2003 from the University of Greenwich.