After a strong start to 2017, the Dubai property market looks set to see continued interest from GCC investors.
- Major economic developments continue to build GCC investor interest in Dubai property
- $8bn worth of transactions were made in the Dubai property market at the beginning of 2017
- Experts predict a positive year ahead for the market, as property continues to offer long-term growth to regional investors
The Dubai real estate market has made a strong start to 2017, according to the Dubai Land Department (DLD) who reports a total of $8bn worth of transactions were made in January alone.
Major developments driving the economy continue to build investor interest, particularly among those from GCC countries who view Dubai as a safe-haven for business.
The latest figures released by the DLD reveal the largest volume of investment from within the GCC in 2016 came from Saudi and Qatari nationals.
With a combined value of deals estimated at $2.1bn from a total of 3,294 investors, Saudis led investment in the Dubai’s real estate market last year, followed by Qatari and Kuwaiti nationals, who each contributed $542m worth of investment.
Okbah Abdulkarim, Chief Operating Officer of ARTAR Real Estate Development, believes that despite previous fluctuation in regional economies, Dubai’s status as a safe-haven for real estate investment has remained intact.
Mr Abdulkarim commented: “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. 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 outlook for the Dubai property market looks set to remain positive in 2017. Experts expect the emirate will remain very attractive to GCC property investors as the market continues to provide long term growth to regional players, particularly ahead of the World Expo 2020.