Muscat: Investors from Oman and the other GCC countries will continue to put their faith in Dubai real estate in 2017 because the emirate’s property market has a proven reputation for delivering long-term benefits, according to a developer.
Okbah Abdulkarim, chief operating officer of Artar Real Estate Development, said Dubai’s status as a safe haven for real estate investors remains intact and major developments driving the economy are building investors’ interest, particularly GCC investors.
The Dubai Land Department has reported that, outside of the UAE, the biggest volume of investment from the GCC countries in Dubai’s real estate last year came from Saudi Arabia, with 3,294 investors making transactions worth DH8 billion.
Investors from Qatar and Kuwait each invested almost DH2 billion, coming from 1,006 and 770 investors, respectively, followed by 301 nationals from Oman and 244 from Bahrain investing DH1 billion each in Dubai real estate.
“Many GCC investors still see Dubai as a desirable city to visit because it’s close by, there are shared religious and cultural values and a superb lifestyle here,” said Abdulkarim, currently overseeing Artar’sMada Residences tower in Downtown Dubai.
“There’s a lot of diversification in the investment opportunities here in Dubai and it’s a city that GCC nationals know well, and trust.”
The Dubai real estate market made a strong start in 2017, with the Dubai Land Department confirming transactions worth DH30 billion for the month of January.
Added Abdulkarim: “Dubai has built protection from negative economic effects by creating an infrastructure for business, investment and living, and by promoting all this to a worldwide audience over the last 20 years or more. It is still regarded as a city where residential property provides long-term financial security.”
Artar said the biggest real investment will continue to happen, as in 2016, in prime locations like Downtown Dubai, where Mada Residences will be completed on schedule by the second quarter of 2018 close to the world’s tallest building, the BurjKhalifa.
“More and more investors these days are focused on recreation and prefer locations which allow people to walk rather than having to drive everywhere and find parking,” says Abdulkarim. “Areas like Downtown are the most popular because there are so many attractions close at hand, and Dubai’s weather is perfect for walking seven months of the year.”
With 193 larger than average 1, 2, 3 and 4 bedroom luxury apartments, Mada Residences is a one-minute walk from the new Dubai Mall extension and within easy reach of other major attractions such as the Dubai Opera.