Barely a year after predicting Dubai\u2019s real estate sector was facing a disaster from oversupply, the billionaire head of one of the city\u2019s largest developers said a \u201csurprising\u201d rebound will extend into 2022.<\/p>\n\n\n\n
\u201cI was totally wrong,\u201d DAMAC Properties PJSC Chairman Hussain Sajwani said in a Bloomberg TV interview, \u201cI was very surprised and shocked to see how things changed.\u201d<\/p>\n\n\n\n
Next year will be as good as 2021, if not better, as a lot of people moved to the emirate during the pandemic, he said.<\/p>\n\n\n\n
Coronavirus cases in the United Arab Emirates have been falling sharply amid a fast vaccination drive. Dubai, unlike other major financial hubs, has shunned lockdowns since emerging from one last year. Sajwani said that has made the city an attractive destination.<\/p>\n\n\n\n
The comments mark a turnaround from last year, when Sajwani warned chronic oversupply could spell trouble for Dubai\u2019s lenders. While the supply glut did drive down prices sharply, things have started to look up recently \u2014 average home prices have risen at the fastest pace since 2015 and transaction volumes surged 77% in August on an annual basis, according to real estate adviser CBRE Group.<\/p>\n\n\n\n