Dubai real estate has moved past severe cyclicality, says fäm Properties CEO

Property prices in Dubai have been on a tear over the last 24 months as the emirate's global appeal and economy have bounced back strongly in a post-Covid environment.

And the data around Dubai's real estate market speak to this story. For example, the Dubai Land Department (DLD) marked its strongest performance ever in 2023 with 1.6 million transactions (from real estate transactions to rental agreements), with 166,000 real estate deals worth Dhs634bn. This represented a growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions.

Data from the likes of CBRE further point to how average property sale prices in Dubai also increased by 20.1 per cent in the year to December 2023.

Demand for property has been red-hot and companies like fäm Properties have benefitted from this upswing.

However, Firas Al-Msaddi, the founder and CEO of fäm Properties, has experienced several ups and downs in the market, including the 2009 crisis and Covid-19. And in an extensive interview with Gulf Business, Al-Msaddi explains why he thinks that Dubai's real estate sector has "moved past severe cyclicality". He also gives some insight into where he sees the future prospects of the market, especially in terms of the large stock of off-plan units in Dubai.

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