| 23 Oct 2008 |
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More Russians expected to invest in UAE realty
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Cash-rich Russians are expected to invest more in the UAE real estate market, especially Dubai, given the attractive returns on investment, according to a property developer.
"About 26 per cent of investment in the UAE property market has come from Russians and we believe it will continue further," Steve Nosrat, Marketing Director, Azizi InvestmentsAzizi Investments
, told Emirates Business. "By showcasing our projects in Moscow, we are ensuring that they are aware of our developments. Moreover, it also offers us a good networking opportunity."Peter Riddoch, CEO, Damac PropertiesDamac Properties
, said: "More than 120 nationalities have bought our properties and the number is still growing. This includes a significant Russian customer base. We are confident about the Russian market and we expect a considerable increase in interest levels with regard to our projects in the UAE and Dubai in particular."More than 50 UAE-based developers will take part in the International Property Show Moscow 2008 from November 10 to 12.
"Russia's financial market and the economy as a whole have shown considerable resilience in spite of the global financial turmoil. This has been a major factor in driving investors to Russia, especially in the property sector," said Dawood Al Shezawi, Managing Director, Strategic Marketing & Exhibitions.
By Parag Deulgaonkar
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