Global Faith Restored in Dubai
Global Faith Restored in Dubai
Global Faith Restored in DubaiGlobal Investors have held faith in Dubai economy, making the emirate, the first and most-preferred option for future investments within Middle East, revealed the latest international survey report. The global management consulting firm, AT Kearney, in its survey report, revealed that about 28percent of investors prefer investing in Dubai, followed by 18percent in Abu Dhabi, 15percent in Egypt, 8percent in Oman and other Middle Eastern states.
The investors have chosen Dubai as preferred destination for investment mainly due to its ease of doing business, access to best infrastructure, advanced logistics amenities and safe environment, as well the vibrant Dubai property market.
The AT Kearney, in their report, said that Dubai is a gateway destination, much like Hong Kong for mainland China and Singapore in Southeast Asia. About 81percent of those surveyed have investments in Dubai, and plan to maintain or increase their investments in next three years. The investors also expressed confidence in Dubai's ability to rebound from global crisis.
Dubai has helped the UAE to maintain its ranking as the most-preferred destination in the Middle East, despite the drop by three rankings.
It is estimated that 22,400 residential units were handed over in 2009, in spite of over $24bn worth of residential projects being put on hold or cancelled.
Demand remained stable with little change between Q1 2009 and Q2 2009, compared to the 58% annual decrease between Q2 2008 and Q2 2009.
Craig Plumb, head of research at Jones Lang LaSalle Mena added: 'The stabilisation of transactional volumes is an important indicator, which reflects improved confidence among investors. The narrowing gap between asking prices and achieved prices is a further indication that the market is beginning to stabilise, albeit at significantly lower levels of pricing than those seen earlier in the year.
'While there have been a large number of projects delayed or cancelled, there remains a significant level of new supply, with around 22,400 residential units expected to be completed across Dubai in 2009.' As such, 2010 has witnessed an increased demand in Dubai residential properties.
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