Dubai property market attracting GCC interest

25/07/2011 - Kenya property & investment news Posted by Neil King
Dubai property market attracting GCC interest

The real estate market in Dubai is benefiting from increased interest from buyers based in the GCC region, it has been suggested.According to industry commentators, investors from Egypt, Libya and Bahrain are now showing an active interest in the region's property.Elaine Jones, chief executive officer of Asteco Property Management, commented: "Investment in completed property that meets the rental market’s checklist of requirements has historically been a safe method to protect and generate wealth."The cross border living of GCC nationals, who have grown their business throughout the region or see value in spreading their operations and diversifying their risk by exposure to a larger market place, also see value in participating in the real estate sector."Meanwhile, recently-published figures published from the Arab Monetary Fund have predicted that the UAE will see its economy grow by 3.3 per cent before the end of the year - up from 3.2 per cent in 2010.