Property ownership in UAE rises among GCC nationals

26/08/2011 - Dubai Property News Posted by Bob Brunskell
Property ownership in UAE rises among GCC nationals

More people from the Gulf Corporation Council (GCC) nations are buying up property in the UAE, property investors in Dubai could be interested to hear.Figures from the Ministry of Finance show that last year, 34,029 property contracts were registerd to GCC nationals, an increase from 29,425 in 2009.In total, registered property contracts reached 4,604 in 2010 compared to 4,024 the year before, Emirates 24/7 reported.Other findings revealed that more GCC individuals are working in the UAE. Looking at social security statistics, there were 4,190 people from the GCC employed and working in the country, a rise from 3,589 in 2009.The news provider stated that the numbers show the effects of the UAE's commitment to the Gulf Common Market.It comes after a survey from Bayt.com and YouGovSiraj revealed that 53 per cent of employers in the UAE plan to hire new staff in the next three months, while just six per cent say they will not hire anyone at all.