Monday, September 15, 2014
Property investment on the rise in UAE
The steep movement of the property investment in United Arab Emirates (UAE) scaled up to £127 billion worth of new projects currently under construction. Dubai the city of eight probable design wonders may be the main reason – the expansion of UAE’s property market shows no sign of slowing down, with new figures, revealing the total value of current construction projects in the country is £127 billion (774 billion AED).
A building boom in the emirate has led to a whole host of chart breakers, in categories including highest apartment, biggest mall, and one of the world’s most unique resorts. The Burj Al-Arab – or tower of the Arab, Burj Tower – under construction sky scrapper, Hydropolis – world’s first luxuary under water construction, Rotating Skyscraper, Dubai Sports City added only edge to it. Dubai Marina remains the favoured region of people searching for rental accommodation.
The World Expo 2020 is driving this growth. The event will be held in Dubai and will be the first of its kind to come to the region. It has been underpinning much of the property investment in the emirate with investors assured by the prospect of long-term capital appreciation and increasing rental demand.
“Over the last quarter barely a week goes by without a new major property development being unveiled. The Dubai Government has also stated that all new and existing construction projects are going to be fast-tracked to be ready for the Expo 2020,” EC Harris’ report stated.
The research from property consultancy Knight Frank revealed that the majority of expats are searching for property in Dubai Marina, which has led to sustained high rental yields in the area, while new investors were told that they could also find value in newer markets, such as Jumeriah Village and Dubai Sports City.