Dubai investments proving popular in Afghanistan

13/09/2012 - Dubai Property News Posted by Neil King
Dubai investments proving popular in Afghanistan

With so many superb property developments springing up all the time, it is hardly surprising that Dubai is attracting investors from all over the planet. New figures have indicated that the emirate is proving particularly popular among wealthy citizens of Afghanistan, who have been snapping up UAE-based assets in huge numbers. According to Dubai government data obtained by Reuters, Afghan nationals spent $60.7 million (£37.6 million) on real estate in the first six months of 2012 alone. This represented a 27 per cent rise on the same period in 2011 and outpaced overall property sales growth of 21 per cent in the first half of the year. One of the big reasons for the increased uptake is national security. A lot of wealthy Afghans are concerned that the political situation in their homeland could spiral out of control and they are keen to have homes in Dubai to fall back on. Thinking about it, this makes perfect sense, as the UAE is in close enough proximity to Afghanistan to make relocation easy and the country also has one of the most stable governments in the Middle East. In addition to this, the value of Dubai property is likely to increase in the next few years, so investors from Afghanistan can potentially make some serious money in the future. Haji Obaidullah Sader Khail - chairman of the Afghan-Dubai Business Council - told the news provider that the investment figures could actually be up to four times higher than has been suggested, such has been the level of interest among Afghan investors. "I know people who have bought 15 to 20 villas," he was quoted as saying. A similar situation is happening with property investors from Pakistan, it seems. Emirates 24/7 recently reported that Pakistanis purchased 1,814 Dubai properties in the first half of 2012 - a 37 per cent increase on the corresponding period in 2011. People from the Asian country believe the strong demand for rented accommodation in Dubai means they are able to charge their tenants higher rates.