Dubai becoming a hub for British property investors
If we believe the figures of the land department, Dubai has become one of the most popular and attractive places for British investors showing they put 1.9 million pounds into the emirate’s real estate market, making them the second largest foreign investors behind Indians.
Buying apartments have become one of the top priorities for British buyers, followed by residential and land and then villas with low interest rates.
According to Sultan Butti Bin Mejren, director general of land department, the infrastructure in Dubai and high return on investment are the attractive modalities which the property investor are looking for.
“Dubai is a dynamic global investment hub and has always attracted investors,” he said
‘Return for large and small apartments in Dubai is delivering between 7% and 10% yield which is higher than Hong Kong, Singapore and London. British investors are seeking for more capital appreciation more than using them as primary or secondary homes,” he explained.
The demanding areas in Dubai are Dubai marina, Palm Jumeirah, Jumeirah Lake Towers and Downtown Dubai. According to figures from the property website Bayut affordable locations such as Dubai sports city are also becoming very popular these days.
According to international real estate firm JLL, residential prices in Dubai increased by 56% in the last two years and rents by 41%while data from Knight Frank shows a d different picture, that prices have recovered from downturn and are now close to the peak levels of 2008.
Property brokers in Dubai estimates that yield in the cheaper prices of the sports city is around 6% to 8%.
According to Aqil Qazim, chief commercial officer of Nakheel, the developer behind the world famous Palm Jumeirah and other huge developments, across the emirate, British buyers are the firm’s third largest group of investors outside the Gulf co-operation council (GCC).