In the early 21st-century, DAMAC owner Hussain Sajwani decided to take advantage of the relaxed real estate ownership laws in the United Arab Emirates and form his own company. DAMAC Properties is now one of the world’s leading luxury real estate development companies with an eye on markets across the planet. Recently released data shows Hussain Sajwani was correct to maintain his presence in Dubai as the region has been classed as the most transparent in the Middle East.
As one of the real estate leaders in Dubai, Hussain Sajwani believes it is his duty to play a role in the development of the real estate sector in the region. In this role, the DAMAC owner has been quick to praise the government of Dubai and the nation of the UAE for their support of the real estate industry in building a more user-friendly experience. Among the successful programs developed in recent years is the relaxation of late fees associated with property registration. Another program cited by Hussain Sajwani is the relaxation of rules limiting 100 percent foreign ownership of property in Dubai.
The DAMAC owner has been a supporter of the development of technology in the real estate sector and across Dubai for a number of years. Hussain Sajwani sees the introduction of the Blockchain as vital to the continued development of a transparent real estate sector in Dubai. The Dubai Land Department has already begun the switch over to a reduced number of paper-based transactions taking place which will be replaced by transactions completed using the Blockchain and Online platforms.
Among the developments, Hussain Sajwani was keen to praise was the introduction of the Real Estate Self Transaction platform which he believes will help with the influx of foreign investors into the region. Foreign investors can use this Dubai Land Department curated Online platform to complete transactions including registering properties, completing mortgage applications, and renting out their property.