Chinese Spend In UAE Real Estate to Grow By 70% In 2019
Dubai Land Department figures show Chinese nationals invested $463m in local properties during the first nine months of 2018. UAE-based Chinese property broker Fidu Properties said Chinese investments in the local real estate sector would top 70% in 2019, with the Asian country’s investors growing by 64% between 2016 and 2017 to become among the top four investors in Dubai real estate as of 2018.
Dubai Land Department (DLD) figures show that investors from China accounted for $462.7m (AED1.7bn) worth of investments in the UAE emirate in 9M 2018. The number of Chinese expats in Dubai has increased by 53% over the last five years, Fidu said in a statement, adding that around 2, 30,000 Chinese nationals currently live in Dubai, and 4,000 Chinese companies are operational in the city.
The company added that UAE-China ties had deepened following the visit of Chinese President Xi Jinping in July 2018. Commenting on the trend, Fidu Properties’ chief executive officer, Nazish Khan, said, “Chinese investors are looking to invest abroad to diversify.”
Given the real estate prices in the UAE and Dubai being much lower than in China, and coupled with the taxation structure and other incentives, UAE ends up being one of the best global markets to invest in.” Khan added that recent visa laws allowing foreigners to set up base in Dubai for both residence and entrepreneurship were a major boost for Chinese investments.
Other economic factors driving the trend include the current real estate and stock market trends in China, the depreciation of the Chinese Yuan, and benefits offered by Dubai’s real estate market, such as freehold ownership, high rental yields, affordability, and tax-free investments.
News Information source: ConstructionWeek Online Gulf
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