Gulf millionaire property buyers more likely to invest in Dubai over London in 2017
Gulf millionaire property buyers more likely to invest in Dubai over London in 2017
Property forecasts places Doha, Paris and London in second place worldwide.
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gulfbusiness.com
The Cluttons' Report has found that Dubai’s property market is set to overtake the international destinations of London, New York, Paris and Singapore as the top choice for GCC wealthiest investors next year.
High net worth individuals ($1 million plus) of the region ranked Dubai in first place above London, Paris and Doha in second place in Cluttons’ third Middle East Private Capital survey, while Toronto made a surprise entry at number third place.
GulfBusiness reported that for this year, London remains the top destination outside MENA for Gulf investors, cited as a top three market by 17 per cent of the more than 120 millionaires interviewed by Cluttons. This was ahead of New York, with 16 per cent, and Singapore with 13 per cent.
This is despite London real estate values reaching as much $4000 per square foot, about three times the price of high-end apartments in Manhattan and Singapore’s Marina Bay.
Expo 2020 was cited as one of the top reason for this increase in attractiveness.
Murray Strang, head of Cluttons’ Dubai base, said that the Expo’s potential for capital growth and higher yields in the market means that “people now see really good value for money in Dubai”.
He added, “we’re seeing a lot of GCC high net worth individuals who are now seriously looking at Dubai, given that prices have become more attractive over the past year or two.”
Meanwhile, Doha’s rise in the Cluttons’ ranking was attributed to the capital growth potential surrounding FIFA 2018, Gulf Business reported.
Paris has been made very appealing to the Qatari market by way of a government tax treaty and the recent purchase by the Qatari Investment Authority of a luxury retail complex on the Champs Elysee.
Toronto was the third-ranked city to enter the consideration list for next year.
High living standards and education institutions were factors in this choose by the investors.
See also:
Foster + Partners wins Lusail stadium bid for Qatar 2022 FIFA World Cup
HOK Architects to design Qatar’s new passenger terminal in Doha
