The expert in investment portfolio management, Saleh Tabakh, stated that Dubai surpassed many major real estate markets all over the world regarding the returns of property investment, amidst positive outlooks concerning the continuity of sustainable demand for real estates in Dubai, supported by renewed factors, which help upgrade the market.

“The excellence of Dubai’s real estate market did not emerge accidentally, but it was rather the result of a successful scheme regarding the legislations that regulate the market, as well as the presence of major influential players in the real estate development sector ”, Tabakh, the CEO of Al-Andalus Courtyard Real Estate Developer said.

Tabakh clarified that the international reports state that Dubai still provides the real estate investors with the best value, as compared to the major global cities, let alone the fact that Dubai offers a safe investment climate, amidst record growth rates on sales & unprecedented real estate activity.

“The most notable factors which make Dubai’s property market attractive for global investors are represented in the higher annual rental returns that exceed 5%, and greatly surmount their peers in other major global cities, e.g. New York (its annual rental returns are about 3%), London (2.7%), Singapore (2.5%), and Hong Kong (2.4%), according to the latest studies in this regard”, Tabakh noted.

“One of the main factors which prompt investors or individuals to purchase real estates in Dubai is represented in the low tax rate, as compared to other major markets, not to mention the strategic location that is convenient to the markets of Asia, Africa, & Europe”, he told.

The expert in investment portfolio management highlighted also the significance of zero property tax, as Dubai does not impose any tax on property purchasing. Thus, exempting the real estate transactions from taxes is deemed a preferential factor that makes Dubai a favorite choice for property investment all over the world, particularly that the burden of real estate tax is heavier in other countries, e.g. Britain (2.5%), France (1.7%), & Greece (1.5%), according to the International Tax Competition Index “ITCI”.

“Dubai offers high levels of transparency in the real estate sector, a matter which strengthens the trust of clients & foreign investors, and creates an investment experiment that puts Dubai’s property market among the world’s top favorite markets for investors”, Tabakh advised.

“The governmental facilitations which aim to boost the number of population and attract wide strata of investors & creators within the context of golden visa program establish a continuous demand in the property market, a matter which balances between the real estate stock and demand. Thus, stimulating companies to launch dozens of projects during the next years”, he mentioned.

“The robust demand for Dubai properties is clear, as the residential units are presold within just few days from the date of offering the same to investors & clients”, Saleh Tabakh added.

The expert in investment portfolio management indicated that the golden visa program and attractive investment opportunities stimulated the High-Net-Worth Individuals “HNWIs” to move to Dubai to buy their second, or even fourth, luxurious house, in transactions that are deemed the highest historically, as the amount of each one exceeded hundreds of millions of dollars.

“Despite the demand for real estates receded in the majority of global capitals, and the escalating recession due to high interest rates, Dubai witnesses currently one of the best periods within its history. The reports underscore the facts that Dubai became one of the world’s top foreign investment destinations, particularly in the property sector”, he stated.

“While the huge increase in the prices of Dubai’s prime real estates, these prices are still immensely higher than their counterparts in other major global cities, as compared to the life quality & level offered by Dubai. Thus, the immigrating investments from Europe, America & Asia are enticed to buy properties in Dubai, which became attractive to the world’s riches, owing to its security, financial, & economic stability”, Tabakh added.

He underlined that the continuation of geopolitical tensions all over the world in 2023, the unfavorable global economic conditions, and the rates of both inflation and interest will lead to the sustainable momentum of property investments, as deemed a safe refuge for value.

“The last two years, the residential units of all classes witnessed unprecedented demand, particularly the prime class, a fact which reflects the quality of the new comers to Dubai’s real estate market”, he highlighted.

“The property sector preserves its essentials, e.g. the advanced infrastructure, which keeps pace with the state-of-the-art technology, modern buildings, which became a world icon for real estate design, as well as the availability of transportations of all kinds, let alone the technologies which qualified Dubai to be the smart futuristic city that everyone dreams to live therein”, Tabakh concluded.

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.

 

Leave a Reply

Your email address will not be published. Required fields are marked *