Tuesday, March 21, 2017

Kuwaiti investment in Dubai real estate tops $533m

Kuwaiti real estate investment in Dubai has crossed the Dh2 billion ($533 million) mark in 2016 with investors pumping their money into various residential and commercial properties across the emirate, said a report released ahead of a key industry event.

International Property Show 2017, a one-stop shop opportunity for investors and real estate professionals from the Middle East and the rest of the world, will be held from April 2 to 4 at the Dubai World Trade Centre.

The three-day expo is likely to attract a wide range of visitors from Kuwait, said the event organisers Strategic marketing & Exhibitions.

This comes at a time Kuwaiti investors are more demanding realty investments in Dubai in the form of villas, apartments and offices, they stated.

In 2016, the number of Kuwaiti investors in Dubai’s real estate market surged to hit 770, said the organsiers citing the Dubai Land Department (DLD) data.

"Dubai is a favourite destination for investors from Arab countries and especially from GCC for many reasons," remarked Dawood Al Shezawi, the CEO of Strategic Marketing & Exhibitions.

"Firstly, it offers economic stability as result of the wise vision of the leadership, which makes the emirate a safe investment oasis. The second reason is the diversity in the supply in the real estate market as a result of many giant projects as this provides investors with the possibility to choose the investments they need. The third reason is the dynamism of the property market in Dubai and the maturity it boasts," he added.

Many industry specialists expect the real estate market in Dubai to maintain its growth in 2017.

Cluttons Property Consultants believes that the infrastructure projects related to Expo 2020 alongside other projects in Dubai will enhance the real estate market growth in the upcoming years.

Also, the ongoing efforts of the real estate market in Dubai as an international hub are a critical factor in making Dubai a premier destination for investors.

This year’s edition of IPS provides investors with golden opportunities to get investments into Dubai in the run up of Expo 2020. The city is preparing for the mega event by launching big real estate projects, and issuing legislations that further attract real estate investors.

The statistics issued by DLD shows that the value of the real estate transactions in the first 45 days of 2017 has surged to Dh42 billion, which is almost half that of the real estate investments in 2016.

Al Shezawi said the real estate market in Dubai would keep its growth this year and in the upcoming years.
"The real estate investors from the GCC in general and Kuwait in particular will be an essential part of this growth, because they are looking for safe, high return, and sustainable investments, and Dubai is an ideal place for such investments," he added.-TradeArabia News Service

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