Dubai to over­take Lon­don as top prop­erty in­vest­ment des­ti­na­tion for GCC mil­lion­aires

Gulf Business - - NEWS AND VIEWS - By Eleanor Dickinson

Dubai’s prop­erty mar­ket is set to over­take the in­ter­na­tional des­ti­na­tions of Lon­don, New York and Sin­ga­pore as the top choice for the GCC’s wealth­i­est in­vestors next year, a re­port has found.

The re­gion’s high net worth in­di­vid­u­als ($1m-plus) ranked Lon­don in sec­ond place along­side Paris and Doha in Clut­tons’ third Mid­dle East Pri­vate Cap­i­tal sur­vey, while Toronto made a sur­prise en­try at num­ber three.

For this year, Lon­don re­mains the top des­ti­na­tion out­side the Mid­dle East for Gulf in­vestors, cited as a top three mar­ket by 17 per cent of the 127 mil­lion­aires in­ter­viewed by Clut­tons, ahead of New York (16 per cent) and Sin­ga­pore (13 per cent).

This is de­spite Lon­don prop­erty val­ues reach­ing as much $4,000 per square foot, roughly three times the price of high­end apart­ments in Man­hat­tan and Sin­ga­pore’s Ma­rina Bay.

Price soft­en­ing within the Dubai prop­erty mar­ket was cited as the top rea­son for this in­crease in at­trac­tive­ness, along­side the up­com­ing Expo 2020.

Mur­ray Strang, head of Clut­tons’ Dubai base, said that the expo’s po­ten­tial for cap­i­tal growth and higher yields in the mar­ket means that “peo­ple now see re­ally good value for money in Dubai”.

He added: “I think that’s why some peo­ple are calling the bot­tom of the mar­ket in the near fu­ture, and I think we’re see­ing a lot of GCC high net worth in­di­vid­u­als who are now se­ri­ously look­ing at Dubai, given that prices have be­come more at­trac­tive over the past year or two.”

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