GCC investors ‘continue to buy Dubai real estate’
Saudis and Qataris led investment in city’s real estate market from within the GCC in 2016 – report
A developer has said that investors from GCC countries are still buying Dubai real estate, as the UAE’s property market continues to deliver long-term profits.
Okbah Abdulkarim, chief operating officer of ARTAR Real Estate Development, said that Dubai’s status as a safe haven for real estate investment remained intact despite fluctuations in the regional economies. Major developments that are driving economic growth are also helping to build investor interest, particularly from within the GCC, he added in a report by The Peninsula.
“Many GCC investors still see Dubai as a desirable city to visit because it’s close by, there are shared cultural values and a superb lifestyle here,” Abdulkarim told the newspaper.
“There’s a lot of diversification in the investment opportunities in Dubai and it’s a city that GCC nationals know well, and trust.”
According to figures released by the Dubai Land Department, the largest volume of investment from within the GCC – and outside the UAE – into Dubai last year, came from Saudi Arabian investors, with 3,294 investors making transactions worth $2.17 billion.
The number of Qatari investors investing in Dubai in 2016 was estimated at 770, with the total value of deals estimated at $543.7 million, Abdulkarim added. Investors from Kuwait also made investments of around the same value. 301 nationals from Oman and 244 from Bahrain contributed a combined total of $272.2 million to the city’s real estate market.
The Dubai market continues to show strong performance levels, with the Dubai Land Department adding that it had confirmed transactions worth $8.16 billion for the month of January alone.
“More and more investors these days are focused on recreation and prefer locations which allow people to walk rather than having to drive everywhere and find parking,” says Abdulkarim.
“Areas like Downtown are the most popular because there are so many attractions close at hand,” he concluded.
