Dubai is witnessing positive growth in its property market thanks to a recent flurry of investments from overseas.
The property market in Dubai has had a good start to the year thanks to new investment from Saudi Arabia, China and India. The Emirate achieved sales of AED12billion during the first two weeks of 2017, which is something for a record even for Dubai.
The Dubai Land Department is predicting that property transactions worth around AED292billion are therefore achievable in 2017 should growth continue at its present rate – that’s is nearly a 20% increase on last year.
The latest numbers to be released regarding the economy do verify Dubai Land Department’s forecast, with expected growth of 3.1% in 2017.
A number of reasons have been cited for the increase in investment in the Emirate, including Dubai’s investor friendly policies and safe-haven status, while the recent gain in oil prices isn’t to be overlooked either.
Investors from Saudi Arabia are being attracted by high levels of capital growth that the past few years have witnessed, alongside the stability of the dirham.
“Unlike investors from Russia, India or the UK, which have been hit by the appreciation of the US dollar over recent years, Saudi investors have benefited from currency stability between the UAE dirham and the Saudi riyal,” explained Craig Plumb, head of research at JLL Middle East and North Africa.
“Dubai is also relatively close to home for Saudi investors, which makes it easy to monitor and visit their properties.”
For the latest figures on Dubai property sales, click here.