Dubai attracts property investors
Attractive offers make Dubai the favoured place for the property investors
Driven by the attractive property sector, an increasing number of Dubai residents are planning to invest in property in the city, shows a survey. The property sector of the city is now coming up as the preferred place among the city’s investors. Low property prices in Dubai have triggered the demand for property among potential property investors and its residents are keen to grab up the opportunity. Moreover, property developers are now offering incentives such as attractive bargains, which has made investment in the city’s property a more favoured asset option compared with investment in stocks and shares.
All this has led property investors to invest in the cosmopolitan city’s property sector on a big scale as 40 per cent of its residents now plan to invest in the city. Apart from this, 18 per cent of investors plan to invest overseas. These have been revealed as part of a survey by IP Global and YouGov. The survey results showed a 7 per cent rise in demand for property investment over the last six months. The poll, conducted twice a year, interviewed 1000 people regarding their choice of assets for investment.
Richard Bradstock, Director and Head of the Middle East at IP Global said that the survey showed that the increased appetite of the UAE residents for property investment. He said that in the current market, with a weak pound making it cheaper for dollar-pegged investors to buy property abroad, real estate is coming up as the asset to invest.
Apart from Dubai, the poll asked respondents regarding their choice of overseas property, which revealed the US and Canada as the favoured property investment destinations for the city’s investors. The US and Canada were the most popular at the same ranks, with 20 per cent investors preferring them as the place they would consider buying a property. Apart from the US and Canada, the top five overseas places for investment include the UK, Germany and Australia. The UK was the second most favoured place for investors, followed by Germany and Australia. While 15 per cent opted for the UK as their choice for investing in property, Germany and Australia were next on the list at 12 per cent.
Bradstock said that North America continues to be an attractive market for the UAE residents, due to the impressive returns it offers investors, as shown by Chicago which has experienced a 36 per cent increase in house prices in the last five years while rental yields have increased 10 per cent during 2016-17.