The luxury real estate mogul, Hussain Sajwani has been developing his company since 2002 when he decided to expand his DAMAC group beyond the food services and hospitality industries which had proven so successful for the organization. In 2002, the Dubai Government made the decision to allow foreign nationals to purchase property in the desert city for the first time which Hussain Sajwani identified as a major area of growth for his efforts to enter the real estate markets. Now with $4.2 billion, the DAMAC owner initially purchased a piece of land in an area of the city which had yet to be developed in a modern sense; the 38-story development saw all units sold before construction had commenced as the Hussain Sajwani family made an instant impact on the real estate markets.
As an individual, Hussain Sajwani has rarely been one to stand still and recently discussed the development of the luxury real estate market in Dubai and beyond at the Davos meeting of financial experts and politicians. The business partner of President Donald Trump explained his personal belief in the growth of the luxury real estate markets which included the need to monitor the level of construction to make sure the markets would not be oversaturated.
In response to his own research, Hussain Sajwani has capped the development of DAMAC Properties units to around 10,000 per year as he feels the market could sustain upwards of 15,000 from his own company but wishes to maintain the exclusive nature of DAMAC’s developments. The continued growth of the luxury real estate aspects of DAMAC will require careful management and an expansion across the world into some of the world’s leading international destinations in a move which has already begun for the group. The London-based AKYON Nine Elms tower features luxury apartments from Manhattan-style lofts to three bedroom penthouses all offering extensive views of the River Thames for those lucky enough to purchase apartments which should be available as early as 2020.
Follow Hussain Sajwani on Facebook.