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Dubai property market still popular with UK expats
| Published: | 8 Dec at 6 PM |
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The Dubai real estate market has remained buoyant through 2016, with UK property investments forming a large part of its success.
Recent reports from Dubai’s Land Department show property investments of AED 57 billion involving 26,000 investors during 2016, making the emirate one of the world’s most popular property investment hubs. Its success is believed to be a result of regional economic decline and political challenges overseas, and is being seen as a reflection of investor trust in Dubai developers’ focus on quality and diversity.
British expat investors poured some AED four billion into real estate this year, with a total of just over 2,000 transactions. Indian and Pakistani nationals were also active in the market. Dubai’s laws allow expatriates to purchase freehold property in several defined districts, and GCC nationals can buy anywhere in the emirate including the Palm, Emaar Towers and International City developments.
Following the trend, leading Abu Dhabi developer has opened off-plan villas in its new Las Island residential development to foreign buyers after first restricting sales to UAE citizens. The reason given for the change was the significant increase in foreign demand for the luxury properties. On offer are high quality villas with waterfront views over mangrove forests, all set in an area given over to community living. Sports facilities, two schools, a retail mall and stores, landscaped public spaces and a mosque capable of holding 2,000 worshippers are to be provided.
Meanwhile, expats in Kuwait will now be allowed to work as managers in more than one company. The recent decision by the Minister of Social Affairs gives expatriates the chance to be hired by companies in addition to the original company which holds their sponsorship. The new law is expected to be well received by Kuwait’s foreign community, especially as the emirate is at present aiming to lower its expatriate population.
Recent reports from Dubai’s Land Department show property investments of AED 57 billion involving 26,000 investors during 2016, making the emirate one of the world’s most popular property investment hubs. Its success is believed to be a result of regional economic decline and political challenges overseas, and is being seen as a reflection of investor trust in Dubai developers’ focus on quality and diversity.
British expat investors poured some AED four billion into real estate this year, with a total of just over 2,000 transactions. Indian and Pakistani nationals were also active in the market. Dubai’s laws allow expatriates to purchase freehold property in several defined districts, and GCC nationals can buy anywhere in the emirate including the Palm, Emaar Towers and International City developments.
Following the trend, leading Abu Dhabi developer has opened off-plan villas in its new Las Island residential development to foreign buyers after first restricting sales to UAE citizens. The reason given for the change was the significant increase in foreign demand for the luxury properties. On offer are high quality villas with waterfront views over mangrove forests, all set in an area given over to community living. Sports facilities, two schools, a retail mall and stores, landscaped public spaces and a mosque capable of holding 2,000 worshippers are to be provided.
Meanwhile, expats in Kuwait will now be allowed to work as managers in more than one company. The recent decision by the Minister of Social Affairs gives expatriates the chance to be hired by companies in addition to the original company which holds their sponsorship. The new law is expected to be well received by Kuwait’s foreign community, especially as the emirate is at present aiming to lower its expatriate population.
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