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Squarefoot eMagazine 245

Oversea Investment The cranes are back. As just one project within Salem Ahmad Almoosa Enterprises group of companies, Falconcity of Wonders is also just one of the developments and developers that have returned to Dubai and made it a freshly re-emergent market. Squarefoot sits down for a chat about the property landscape with Falconcity Vice Chair and Deputy General Manager Alharith Bin Salem Al Moosa. What does a snapshot of Dubai’s re-emerging market look like? The UAE started investing heavily in the country based on oil. Sooner rather than later all that is going to end. So we have to start, from today, thinking about different ways to create a healthy economy that does not depend on oil. The best way to do that is to invest in education, health care and infrastructure, keeping in mind the foundation of all that is security. Dubai is not a very big city but we already have two airports, one of which is 24-hours. It’s a sign from the government that they’re invested in infrastructure to help facilitate other investment. The real estate market is regulated and, all real estate transactions are monitored by the regulating authority. Everything is transparent. You can ask the land department about any developer — you can do it online. That creates a foundation for investment. Real estate is often one’s biggest investment, a family or a BACK TOP Falconcity’s Alharith Bin Salem Al Moosa explains what has pushed Dubai back into the property limelight conglomerate looking to build a resort. And a return on investment is obviously a factor in deciding whether to purchase. Dubai is not really a rental market but it’s definitely a capital gains market. Appreciation is constant despite fluctuations. Is Dubai oversupplied? If you take a snapshot of a certain period of time, yes there is oversupply. But the real estate market is not an overnight market; it’s long term. It takes time to reach the destination you want to get to. A lot of projects coming forward are going to create a lot of jobs. A lot of people are going to move into the UAE and they’re going to need houses, schools and medical facilities. So it may be oversupplied TO THE | Text : Elizabeth Kerr | Photo : www.istockphoto.com | 30


Squarefoot eMagazine 245
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