UAE stimulus policies strongly support the real estate sector

An overview of a villa complex in Dubai.

Inayat-ur-Rahman, business editor

The UAE’s policies in dealing with the pandemic, including allocating $ 32 billion to overcome the impact, had a huge impact on the strong growth of the property sector.


This was revealed by Walid Al Zarooni, Chairman of W Capital Real Estate Brokerage, during a media briefing in Dubai, adding that the brokerage sector has had a prominent role in reviving sales in Dubai’s real estate sector amid the rebound from the effects of COVID-19 -Pandemic. He stressed that Dubai property sales in 2021 are heading for the best annual performance ever, reflecting the efforts of all parties in the sector, i.e. regulators represented in Dubai Land and Property Authority, as well as property developers and brokers.

Al Zarooni believes the real estate sector is in the midst of the rebound in demand in the golden days, and the market is showing signs of a long-term spike in the price index, which topped 12% on an annualized basis in November 2021, while villa prices are up more than 30% % gone up. The improvement of all market factors and unprecedented government support through both property ownership and sale legislation in Dubai and decisions on granting citizenship and long and medium term residence contributed to a robust demand for unit purchases and investments in Dubai real estate projects.


Al Zarooni stressed that the investment dynamism in the real estate sector is tempting many UAE citizens to enter the real estate sector or to get acquainted with the fundamentals of the market in order to buy and sell and those of the sector. This was created by the so-called “National Broker”.


On the flip side, Al Zarooni said that Dubai Expo 2020 helped promote Dubai as the world’s best city for financial, commercial and real estate investment in the post-COVID-19 era, while government, financial and legal stimulus packages are more crucial Significant role in strengthening this image.


“The impact of Expo 2020 on the overall economy will extend beyond the six-month duration of its activities,” Al Zarooni affirmed Prepare to organize this global event which resulted in increasing the appeal of real estate in Dubai and making the emirate one of the best places to work and a dream to live for many people around the world, ”he said.


When asked about market trends and opportunities for further price increases, Al Zarouni said: “The market conditions show that continuous growth is certain for the next five years. The scarcity of supply, the approaching market equilibrium and increasing demand all help keep prices high so anyone interested in investing in real estate must invest now, and a delay will mean a loss of profits as profits, which as the value of the assets will go up. “

Walid Al Zarooni.

“My role model and my first inspiration for work and life is His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai,” said Al Zarooni. “With His Highness I see something new every day that motivates me to try harder for daily giving, great ambitions and the impossible,” he added. “I think I am trying to draw my work experience from the experience of Dubai, which has become a leader in business and is the focus of the world’s attention with its experience in attracting global investment,” concluded he.


The chairman of W Capital sees the real estate boom in Dubai in particular and the UAE in general as one of the reasons for the success story. There have been important leaps in the industry, the most important of which are the legal structure and the laws and regulations that guide the work of developers and brokers.


“I don’t forget, when I decided to start my own project in 2007, I got the full support of the Mohammed Bin Rashid Fund for SME, which provided the support that ensured its success,” said Al Zarooni. “Membership in the Fund has helped me deal with government and private institutions, and I have received help and support from financial institutions and the government,” he added.


Al Zarouni worked in a number of institutions and banks before founding his real estate brokerage firm, W Capital, which became a member of the Mohammed Bin Rashid Fund for SME.


The real estate brokerage “W Capital” started around 15 years ago and benefited from the construction boom in Dubai. Its growth was linked to the expansion of the real estate sector in the emirate.


Al Zarooni pointed out that the significant growth in Dubai’s economy has impacted the recovery of the construction sector, be it for contractors or real estate developers, as well as brokers and support services.


The chairman of “W Capital” announced that the total amount of real estate that the company has marketed to major developers since its inception exceeded Dhs 1.2 billion. He stressed that despite the company’s growth in the years to come, thanks to the Urban Master Plan Dubai 2040 and incentives from the Dubai government to support all sectors of the economy, including the real estate sector, the company continues to have great potential for expansion.


He stated that 80% of W Capital’s clients are UAE nationals, 15% are golf clients and 5% are other nationalities. The good relationship with real estate developers, who comprise more than 50 companies, has helped achieve exceptional prices for clients, including the developer portfolios. Developers working with W Capital include Emaar Properties, Binghatti Developers, MAG and Diyar, to name a few.


Al Zarooni pointed out that W Capital believes in national brokers and their role. Therefore, in cooperation with the Administrative and Real Estate Academy in Dubai, the company launched the “Real Estate Broker” program, which offers Emirati citizens training opportunities in real estate brokerage. This partnership is the first of its kind in the United Arab Emirates and the Middle East. He noted that the program through the Administration and Real Estate Academy provides more than 140 training opportunities for UAE nationals in the real estate brokerage sector and that the trainee must be a UAE national with a high school diploma.