Apex Looks To Dubai As Botswana Market Matures
Pauline Dikuelo | Monday April 15, 2019 13:30
Founder and CEO of the company, Umesh Loona noted that the decline in the appetite for property investment in the country has forced them to consider other markets.
“Botswana market, just like any country is driven by demand and supply and unfortunately due to our small population, property investment market has reached maturity level and the demand has been stagnant for some time,” he said.
Loona pointed out that latest reports have also revealed that debt level is very high locally, something that compromises the buying power.
He added that demand would surpass the supply, which limits property investors’ growth.
“We then decided to look outside the box and Dubai was more lucrative compared to other markets. We have partnered with property developers, Damac Group, from Dubai who are the biggest developers listed in Dubai Stock Exchange to offer investment opportunities to Batswana investors,” he said.
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman and the United Kingdom.
Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, having delivered over 24,330 homes, with a development portfolio of more than 40,000 units at various stages of progress.
This includes 10,000 hotel rooms, serviced hotel apartments and hotel villas that will be managed by its wholly owned DAMAC Hotels and Resorts.
“Dubai was more lucrative hence why we decided to help local property investors to tap into this market. The returns of investing in property in Dubai is more higher and is investor friendly with less restrictions,” he said.
According to DAMAC Group’s senior relationship manager Ashish Jose, investing in Dubai offers double returns.
“One can easily monitor their property at their own comfort in their countries.”
He also said about 90 % of people living in Dubai are investors from across the world while the remaining 10% are locals.
For one to acquire property in Dubai, they need to register a company as an offshore company as they are the only ones that can buy properties there. Further investing about U$275, 000 in Dubai will definitely accord the investor and his family investor visas.
“Dubai’s economy thrives on tourism and everything is world class. There is no income tax and I would advice that people should buy studio and one-bed apartments because they have the market. The lowest occupancy rate ever was around 65%,” he said.
He also noted that average occupancy in Dubai currently sits at 75 % on the prime locations while on the downside are around 90%.