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Dubai’s resurgent property market challenged by other emirates
| Published: | 14 Jun at 6 PM |
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The resurgence of the property market in Dubai’s expat powerhouse is now seen to be hampered by over-enthusiastic development, with other emirates such as Kuwait and Qatar seeking to steal its crown.
Since the law disallowing expats from purchasing freehold real estate in Dubai was rescinded in 2002, the emirate has been the most popular location for expats looking for a career rather than a short posting. However, ‘build now, pay later’ policies are now damping down its burgeoning property sector, and other emirates have discovered the gravy train.
Slower-burn neighbours such as Qatar, Ras al Khaimah, Abu Dhabi and Kuwait are racking up their residential sectors in order to attract overseas professionals and expat investors. These emirates are underpinned by increased state funding and are successfully barreling their way into the region’s real estate market.
According to industry professionals, the immaturity of the new property markets give scope for double-digit growth over the relatively short term. Their beliefs are being seconded by a growing number of sales and enquiries from relocating overseas professionals and foreign investors looking to get in on the ground floor.
Qatar, for example, is releasing US$10 billion worth of new real estate projects between now and 2016, with construction projects on the go to coincide with the 2022 FIFA World Cup. Abu Dhabi recently unveiled a massive energy, infrastructure and tourism project worth £90 billion, with Western money including banks now angling for the right investment.
Since the law disallowing expats from purchasing freehold real estate in Dubai was rescinded in 2002, the emirate has been the most popular location for expats looking for a career rather than a short posting. However, ‘build now, pay later’ policies are now damping down its burgeoning property sector, and other emirates have discovered the gravy train.
Slower-burn neighbours such as Qatar, Ras al Khaimah, Abu Dhabi and Kuwait are racking up their residential sectors in order to attract overseas professionals and expat investors. These emirates are underpinned by increased state funding and are successfully barreling their way into the region’s real estate market.
According to industry professionals, the immaturity of the new property markets give scope for double-digit growth over the relatively short term. Their beliefs are being seconded by a growing number of sales and enquiries from relocating overseas professionals and foreign investors looking to get in on the ground floor.
Qatar, for example, is releasing US$10 billion worth of new real estate projects between now and 2016, with construction projects on the go to coincide with the 2022 FIFA World Cup. Abu Dhabi recently unveiled a massive energy, infrastructure and tourism project worth £90 billion, with Western money including banks now angling for the right investment.
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