‘GCC investors have faith in Dubai property’

MUSCAT: Investors from Oman and 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 Ku- wait 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. The biggest real investment will continue in prime locations like Downtown Dubai.