Property investments in Dubai 'are increasingly attractive to expats'

29/11/2012 - Dubai Property News Posted by Neil King
Property investments in Dubai 'are increasingly attractive to expats'

Expats have renewed faith in the UAE's real estate sector and are increasingly likely to secure a property investment in Dubai.A new report published by Friends Provident International has indicated that wealthy people who have moved to the emirate are confident that prices will increase in the near future.Many investors had become risk-averse in the wake of the global financial crisis, but there has been a significant upturn in the past six months and more building projects are being given the green light across Dubai.Friends Provident found that nearly half of the expats it surveyed felt the property industry would grow in the next five years, so anybody who is in a position to purchase new assets now is likely to make a lot of money in 2017-18.A mere ten per cent said they expect the real estate sector to weaken during this timeframe.To emphasise the fact that investors are firmly back on board, the study indicated that property is seen as the second most valuable commodity behind gold."The increased preference for investing in property is not surprising as the UAE continues to recover from the financial downturn. This is a sign of confidence returning to the local market," Matthew Waterfield, Friends Provident's general manager for the Middle East and Africa region remarked.Investors have no doubt been encouraged by Dubai's impressive economic performance so far in 2012.Earlier this week (November 27th), the Dubai Statistics Centre revealed that the emirate's gross domestic product had risen by a solid 4.1 per cent in the first half of 2012 and there are plenty of signs that this trend will continue in the foreseeable future.Dubai has a competitive advantage over other destinations because of the diversity of its investment opportunities.New buildings are springing up all the time and the fact the city is seen as a playground for the rich and famous means it attracts very wealthy visitors who are willing to spend huge sums of money on accommodation.Click here for your free property investment guide