13 October 2008
UAE expatriates and foreign nationals living in the UAE yesterday said they foresee a positive outlook towards UAE's economic future in the next 20 years.
The response came from a survey conducted by DSL Exhibitions, organisers of the R&R Local Property Show across a sample size of 173 UAE property buyers and 173 non-UAE property buyers.
According to the survey, 62 per cent of property buyers in the UAE were positive about UAE's economic future and 58 per cent of non-property buyers in the UAE were also positive about the UAE's economic future.
"Clearly, real estate ownership has no impact on the respondents' opinion about the country's financial prospects, which remains positive across the spectrum of those polled. This is a factor that perhaps underlines the prediction that property investments are perceived as sound and secure by the majority of expats," said Tessa Morris, Marketing Director, DSL Exhibitions.
Despite uncertainty in the property market, a whopping 62 per cent of property owners in the UAE said they wish to live and work in the UAE all their productive years.
"UAE properties have been open for investment to expats for several years now and several tens of thousands of foreigners are now living in their own homes in the country - a stark contrast to 10 years back where every expat had to rent," said Morris.
"The biggest surprise of the survey is how strongly owners of property feel about their adopted country, with a large majority (78 per cent) saying that they feel a sense of belonging here. While this is a non-quantifiable, emotional state, it goes on to show how important home ownership is to a person's sense of belonging."
According to Khurram Wahid, Director of Chapal, the real estate market in UAE has matured significantly and is still growing leaps and bounds.
"Property prices in Ajman have risen by an average of three to five per cent every month for the past two years. When we launched our projects in February 2007, our average selling price was Dh300 per square feet. It is now Dh625 to Dh650 per sq.ft. and is expected to touch Dh700 to 750 per sqft by early 2009," said Wahid.
UAE expatriates and foreign nationals living in the UAE yesterday said they foresee a positive outlook towards UAE's economic future in the next 20 years.
The response came from a survey conducted by DSL Exhibitions, organisers of the R&R Local Property Show across a sample size of 173 UAE property buyers and 173 non-UAE property buyers.
According to the survey, 62 per cent of property buyers in the UAE were positive about UAE's economic future and 58 per cent of non-property buyers in the UAE were also positive about the UAE's economic future.
"Clearly, real estate ownership has no impact on the respondents' opinion about the country's financial prospects, which remains positive across the spectrum of those polled. This is a factor that perhaps underlines the prediction that property investments are perceived as sound and secure by the majority of expats," said Tessa Morris, Marketing Director, DSL Exhibitions.
Despite uncertainty in the property market, a whopping 62 per cent of property owners in the UAE said they wish to live and work in the UAE all their productive years.
"UAE properties have been open for investment to expats for several years now and several tens of thousands of foreigners are now living in their own homes in the country - a stark contrast to 10 years back where every expat had to rent," said Morris.
"The biggest surprise of the survey is how strongly owners of property feel about their adopted country, with a large majority (78 per cent) saying that they feel a sense of belonging here. While this is a non-quantifiable, emotional state, it goes on to show how important home ownership is to a person's sense of belonging."
According to Khurram Wahid, Director of Chapal, the real estate market in UAE has matured significantly and is still growing leaps and bounds.
"Property prices in Ajman have risen by an average of three to five per cent every month for the past two years. When we launched our projects in February 2007, our average selling price was Dh300 per square feet. It is now Dh625 to Dh650 per sq.ft. and is expected to touch Dh700 to 750 per sqft by early 2009," said Wahid.
By Staff Writer
© Emirates Business 24/7 2008
