Gulf individuals with wealth are pouring their investments in Dubai, Sharjah and Abu Dhabi as these destinations remain the hottest property shopping places for these investors.
Cluttons, a research organization, held a poll among high net worth individuals in the GCC region and Dubai came out as the top destination for their property investments. 27 percent of GCC investors claimed that they prefer Dubai over all other cities for property investment.
Abu Dhabi remains at number two position as 22 percent of the polled high net worth individuals from GCC region consider it their second best option for property investment. 8 percent of investors showed their interest in Sharjah Properties and consider it as one of the best property hot spots in the region.
The real estate sector of other hot cities in GCC; Kuwait, Doha, Qatar and Muscat saw an interest of 3 to 4 percent by these investors.
There is no specific data available regarding which area of Dubai are mostly preferred by these high net worth individuals however Bur Dubai and Springs comes out as preferred destinations for residential investment. Whereas Downtown Dubai and Deira are preferred commercial real estate investment hubs for these individuals.
Over the course of 2016, the agency is expecting the prices to fall by 5 percent. In the year 2015, as per the data provided by Dubai Land Department, the investors from GCC countries were the largest contributors towards real estate investments in the region. A total of AED44 billion was invested by property shoppers from GCC countries during last year in Dubai.
Emiratis stood at the top of the line by investing AED26 billion beating Saudis who poured AED10 billion in Dubai’s real estate sector during the year 2015.
With a recent trend moving towards Turkish real estate market, Istanbul remains a hot property shopping destination outside Gulf. 8 percent of these high net worth individuals consider Istanbul as a viable property investment option as well.
Ref: Arabian Business