The real estate sector in Dubai is being driven mainly by overseas investment, with individuals and companies from other countries consist of 60-70 % of the buyers of freehold units.
2 out of 3 of all the new freehold properties in the emirate are bought by overseas companies or persons who live outside the country, says a study, which also divulges that property developers in Dubai have USD 100 billion worth of new development projects in hand.
MAG Group Property Development, which is looking to produce its portfolio of new property projects to more than USD 2.72 billion by 2012, says final home owners currently account for just 30 % of the market and only 5 % of them are UAE nationals.
“Motive for this phenomenon is investing in property in the UAE is seen as safe and rewarding and presently better than investing in bonds or stocks,” said MAG Group CEO Mohammed Nimer.
“Despite of many challenges, for example rising costs and shortage of contractors, the real estate sector in the UAE is still one of the most favored investment areas in the country. The return on the investment can reach as high as 40 %, an unbeatable figure,” he added.
Nimer said foreign investment by both developers and buyers, which represents 60-70 % of investment in freehold property, remains vital for the continued growth of the real estate sector.
Investors from Pakistan, India and China as well as other emerging markets such as South Korea and Brazil are increasingly showing interest in tapping lucrative opportunities in the UAE.
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2 Comments
For property law in dubai see this link
http://www.realtyna.com/dubai_real_estate/property-law.html
The continued investor-driven market has been skewed towards luxury appartments, but the true and sustainable demand exists for low & mid income housing. Large section of employed workforce are forced to seek accomodation outside Dubai due to unaffordable housing.