Dubai still big attraction for GCC investors

The Gulf Cooperation Council (GCC) investors have not let regional economic concerns undermine their interest in Dubai residential property, which is still seen as providing long-term financial security, said a Saudi developer establishing itself in the Emirati property market.
ARTAR Real Estate Development said the Dubai market is experiencing a period of healthy stabilization paving the way for strong growth in the build-up to Expo 2020.
And the company believes that prime locations such as Dubai’s Downtown district, where its Mada Residences tower is located, are particularly attractive for Saudi and other GCC investors who want the best of both traditional and multicultural worlds.
“Dubai remains an appealing investment destination for regional investors due to its central location, shared religious and cultural values and cosmopolitan lifestyle, world-class infrastructure and a broad range of facilities for businesses and tourists,” said ARTAR COO Okbah Abdulkarim.
“Prime location projects such as ours position investors strategically for long-term growth. Current selling prices are close to construction costs and I can’t think of a better time to buy. You get great value for money right now.”
Abdulkarim added: “We have not experienced reduced enquiries due to oil prices as our property, unlike others in Downtown, appeals to a wide range of end users and investors. We are not reliant on the type of buyers affected by the drop in oil revenue.” “In fact the current situation in Saudi is a great motivator to invest in Dubai due to a more diversified economy, large mega projects and events such as Expo 2020 Dubai, which are driving the economy forward.”
Abdulkarim, who answered questions from investors and media during a Mada Residences live tweeting session on Tuesday last week, believes that 2017 will be a year of consolidation leading to a surge in property investment next year.
“We’re in the middle of a healthy stabilization phase which I feel will lead to steady and mature market type growth rates leading up to 2020,” he said. “We feel that in early 2018 Downtown in particular will see strong demand from the usual GCC investors as we approach the reality of Expo 2020,” he said.
Backed by 50 years of regional experience, ARTAR picked its Mada Residences location seeing Dubai’s Downtown district as one of the world’s prime central city locations for investment and living.

Source: Arab News