UAE hotel property 'sought after investment'
The UAE's hotel sector, particularly in Dubai, is set for another spectacular year in 2015, as it continues to attract investors from across the globe, according to a new report from Jones Lang LaSalle (JLL).
Amr El Nady, vice-president of the hotels and hospitality group at the firm, said: "Dubai and Abu Dhabi still remain the most active and attractive hotel investment markets in the UAE [as] they retain the lion’s share of total tourist arrivals in the country as well as hotel room inventory."
Investment management company JLL expects UAE investors, especially those that have an established track record and strong portfolio, to continue to top the leaderboards in terms of hotel ownership.
However, interest from international buyers is on the rise, with data from the Dubai Land Department (DLD) revealing that Brits are the third-biggest buyers of property in the emirate, with a combined spend of £1.6 billion in the market for 2014 alone.
To capitalise on this further, the DLD held a property roadshow from February 27th to March 1st at the London Olympia to drum up more interest in Dubai's real estate among British investors.
The emirate is seen as an attractive prospect in terms of property investment for several reasons, such as the fact it is a tax-free haven. There is no tax on rental incomes and capital gains, which means investors can maximise their profits on real estate located in Dubai.
Unlike other locations, a person from any other country is allowed to purchase real estate, not just residents and nationals of Dubai, with the UAE making it easy for owners to come and go using a six-month property-holder visa that does not require them to live in any of the emirates.