Dubai tycoon Sajwani ‘amazed’ at property bounce, but analysts say buyer beware\n

Dubai tycoon Sajwani ‘amazed’ at property bounce, but analysts say buyer beware\n

The billionaire behind one of the UAE's biggest property developers is taking the company he founded private, saying Dubai's nascent real estate rebound is here to stay. "Amazing," Damac Properties founder Hussain Sajwani said on Monday when asked to describe the recovery in Dubai's bust-to-boom property sector, which is on an upswing after years of price declines and rampant oversupply. "I've seen Dubai over the last 20 years, and it's gone through cycles," said Sajwani, a veteran of the sector known for his brash marketing campaigns and luxury-on-a-budget developments that have shaped the Dubai skyline. "I don't think this is something temporary. This is something long term," the realtor said. Residential real estate prices in Dubai have been rebounding strongly from a record low, on the back of pent-up demand, improved investor and consumer sentiment, a rebound in oil and gas prices and a gradual macroeconomic recovery, according to S&P Global Platts. Dubai saw its "best third quarter in history" for property sales transaction value, according to the Dubai Land Department. The agency said September saw the highest value of real estate sales in one month since December 2013, as Dubai shunned lockdowns, ramped up vaccinations and enacted to entice