Tuesday, Aug 30, 2016
Dubai: The Expo 2020 effect could soon start featuring in Gulf investors’ calculations — Dubai has been rated as their top pick to pick up real estate in 2017, according to a survey by Cluttons in association with YouGov.
Dubai comes in ahead of London and Paris with these investors who have $1 million and more in committing towards new investments. These investors typically already own multiple properties in their own markets as well as overseas holdings.
“Abu Dhabi also figures prominently in the initial 2017 rankings, and the sentiment could well be that the local markets will be clear beneficiaries from the Expo 2020 build out,” said Faisal Durrani, Head of Research at Cluttons, the consultancy.
This year, among UAE’s high networth investors, London was the preferred choice with 13 per cent of respondents, followed by New York [10 per cent] and the Indian cities of Bengaluru and Ahmedabad [7 per cent each].
Based on the survey, UAE investors are still a touch undecided on where they should put in their funds. “The likelihood of investing in their top global pick was lowest, with just 18 per cent claiming that they would be ‘very likely’ to invest in international property this year,” the report finds. “For other GCC HNWI [high networth individuals], the likelihood of investing in a location outside their countries was significantly higher at 41 per cent, perhaps reflecting a stronger need or desire to secure income streams outside their home markets.”
By Manoj Nair Associate Editor
Gulf News 2016. All rights reserved.