Hussain Sajwani is a billionaire to say the least as his personal fortune continues to spike up to $4.3bn. His partnership to build a lavish golf course with the Trump Organization has made him even richer than before. However, the Damac owner saw an opportunity before most and jumped on it. While working in catering with the Draieh Management Services Company, he knew it was time to bring in foreign investors into the growing Dubai real estate market. His company’s sales continue to grow as he helms the lead as Chairman. The Damac owner foresees the Dubai property market will boom with its continuous building of mega developments with a portfolio of serviced apartments and hotels. All of that makes up for about 30 percent in their sales. It’s noted the numbers are up about 16.8 percent reported by the Dubai Land Department for the Damac transactions. In the initial nine months, sales brought in a total value of $55.5bn.
Hussain Sajwani says that his company and Emarr has done a lot more sales. He states it’s been a very good year for them. The Damac owner looks at the current stability and believes it is due to government regulations. He admits that this is simply an area that is often ignored. The current mortgage rules now require buyers to deposit 25 percent of the property’s value. This has prompted developers to create and maintain their own strategies when it comes to garnering sales. In some instances, buyers pay a mere 30 percent of property value in first installments and then near 70 percent after completion.
Hussain Sajwani knows, according to albayan.ae, that if the market shows a softness, then it will encourage speculation. With this softness, he says it will ultimately make developers suffer and they won’t be capable of delivering, therefore, creating a serious market problem. He goes on to make a direct request to ask regulators to see the payment plan issues and make it work to where it’s reasonable. Sajwani has recently looked at markets outside of Dubai. This includes building a huge pipeline of 40,000 units in the UAE during the years of 2017- to 2021.
Read what he said here: http://www.akhbarak.net/