Login   |   Register

Statistics

  • Pending Links: 253407
  • Todays Links: 0
  • Active Articles: 30
  • Pending Articles: 24807
  • Todays Articles: 0
  • Total Categories: 14
  • Sub Categories: 690



Dubai property market top-value magnet for security-seeking Mena people

Category: Business & Economy: Real Estate & Property

Investors from the North and Middle East Africa (Mena) region are keen on buying real-estate in Dubai because of its global appeal legal and, transparency framework, according to a new survey. Jones Lang LaSalle's (JLL), in its seventh Mena Investor Sentiment survey, places Dubai as the top investment destination across the Mena region for property, with investors' anticipating Dubai to stay as the strongest performing real property industry in the region over the next 12 weeks. "Most traders are willing to buy real estate for lower yields in Dubai than other markets, suggesting once again that Dubai is the most appealing location in the Center East," the global real estate consultancy said. "Yield expectations in the additional marketplaces were more equally spread between eight and 10 %. "The foil, legal framework and global appeal of Dubai are the probably factors for this trend." Over the years since property freehold was declared, Dubai has launched over 13 property laws and may shortly be establishing the a real estate investor protection legislation --- the initial of its type the region --- which is aimed at providing 100 percent refund to investors in case of defaults by a programmer. Besides, in the first eight weeks of the season, according to Dubai Property Department, the whole value of house transactions in Dubai has crossed Dh83 billion. On Tuesday, Mercer 2012 Quality of Living Survey said Dubai had retained its top place since the town with the region's finest quality of living, adopted by Abu Dhabi. In the JLL survey Dubai was voted as the place for hospitality market too, with expected returns between eight and 11 percent. Yield compression from last year was anticipated as deals were done at sharper pricing than their survey suggested, the survey said, including one of the prime causes for this was the interest cycle and drying up of opportunities internationally, resulting in investors seeking resources in the area. Dubai topped the set of investment destination in Mena, JLL said, as sentiment towards the emirate improved significantly within the previous 12 weeks. Pointing to architectural and cyclical reasons, JLL said Dubai's economy continues to be on a restoration route for the past 12--18 months and actual Gross Domestic Product (GDP) growth is outlook at around 4.5 per cent for 2012. Besides, the emirate has benefited from its 'safe haven' status, attracting investment money from more volatile markets in the area. Last week, Citi, one of the largest Wall Street banks, upgraded the UAE's real gross domestic product (GDP) growth to 5.1 per cent for 2012 compared to its prior estimate of 1.9 per cent, mentioning resurrection in in the state's building and real estate industries. Although the real estate market has lagged the overall economy, JLL stated there were increasing indications of the field recuperating, at least for selected prime locations. "Investment activity and prices are rising, particularly in residential and hospitality areas of industry. "The well-developed infrastructure, improved visibility, high standard of living, have all added in setting the Dubai real estate market back on track," the survey said. Not limited for the preceding variables, Dubai also obtained over other markets within the Mena area with it offering higher inventory of "completed, investment grade" properties. "While there remains a basic shortage of such options to fill the amount of investor demand, the emirate offers a better variety of finished and income generating products than other marketplaces in the area, most of which remain at earlier stages of their development cycle," the study said Saudi, Abu Dhabi follow Dubai Saudi Arabia bagged the 2nd place with Abu Dhabi coming in next on the investment destination chart. "All Saudi submarkets (Riyadh, Jeddah, Eastern Province, Makkah and Madinah) have obtained well on our survey as the real-estate market within the empire benefits from a large neighborhood population, high energy prices and a steady political framework which has insulated the market from interpersonal and governmental unrest," JLL said. The study said that Abu Dhabi market was at a "less" attractive period of its period for traders than Dubai, with costs and rents continuing their downward trend in most sectors. Absence of investment quality attributes and limited number of locations where GCC and international investors are allowed to purchase limited its appeal. Projecting retrieval for Egypt's realty industry, the property consultancy stated that though Cairo market had lost some ground after the 2011 revolution, yield to a more stable political environment under a business-friendly government will raise investors' self-confidence within the market again. At the field level, the home asset class emerged as the asset of selection amongst investors from all markets due to dominance of private investors and family teams, who commonly prefer the residential section over commercial areas of the market. The food sector also scored well, especially in Dubai, Riyadh and the holy cities of Madinah and Makkah. Interest normally stems from professional traders and market gamers who are seeking special opportunities, the study identified. Dubai remains most great Investors also feel Dubai will soon be the strongest performing real estate market in Mena over the following twelve months. "This great sentiment towards Dubai is a excellent reason why investors have portrayed the strongest desire to buy properties within this market," JLL said.dubai properties

Date Added: December 16, 2012 06:37:35 AM
Author: Gricelda Powley
 
Ratings Average rating: (0 votes)
Comments No Comments Yet.

Visual Confirmation Security Code

*Enter the code shown: