21 February 2017 By Satish Kanady
With UAE's property market delivering long-term profits, investors from Qatar and the other GCC countries will continue to put their faith in Dubai real estate in 2017, according to developers in Dubai.
Dubai’s status as a safe haven for real investors remains intact and major developments driving the economy are building investor interest, particularly from GCC investors, Okbah Abdulkarim, Chief Operating Officer of Dubai-based ARTAR Real Estate Development said yesterday.
The Dubai Land Department has reported that, outside the UAE, the biggest volume of investment from the GCC countries in Dubai real estate last year came from Saudi, with 3,294 investors making transactions worth AED 8bn.
An estimated 770 Qatari investors made investments in Dubai's eal estae sector in 2016.The combined value of deals is estimated at QR1.98bn, Abdulkarim said. Investors from Kuwait also made investments to same value. 301 nationals from Oman and 244 from Bahrain jointly contributed up to AED 1bn in Dubai real estate.
“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,” said Abdulkarim, currently overseeing ARTAR’s Mada Residences tower in Downtown Dubai.
“There’s a lot of diversification in the investment opportunities in Dubai and it’s a city that GCC nationals know well, and trust.” The Dubai real estate market has made a strong start to 2017, with the Dubai Land Department confirming transactions worth AED30bn for the month of January.
Dubai has built protection from negative economic effects .It is still regarded as a city where residential property provides long-term financial security. “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.
© The Peninsula 2017