Dubai real estate boosted by Kuwaiti investments
Almost 60% of all properties in Dubai purchased by Kuwaiti nationals
The UAE Ministry of Finance has reported that 60% of all property purchases by GCC nationals in Dubai are made by Kuwaiti investors.
According to an investment survey conducted by FPI, investor confidence is now at its highest in 12 months, with further predictions that investment markets will continue to improve. In addition the International Monetary Fund has upgraded its economic growth forecast for the GCC to 7.8%
Responding to the figures, Dubai’s Damac Properties cited affordability, location, quality and the new RERA regulatory standards have all contributed to buyer confidence.
“Dubai’s real estate market is now more stable and sustainable. Gulf investors are flooding back into Dubai and the broader UAE’s property sectors on signs that the market’s bottomed out and is already well advanced with the recovery phase” Damac senior vice president, Niall McLoughlin.
“Right now, the Gulf region is outperforming most major developed economies around the world. Investors are positive about the future, and that sentiment is resonating in the property market. Real estate is a popular asset class for investors in this region, and a rebound in investor sentiment tends to manifest in the property sector,” he added.
Further information about the UAE Ministry of Finance report can be found via: http://www.mof.gov.ae/En/AboutMinistry/News/Pages/1672011.aspx
