|09-23-2014, 09:27 PM||#1|
Over 50% of UAE residents plan to invest in Dubai property sector
The majority of the Emirati people are now shifting their money to property in lieu of gold, despite its all-time appeal as a safe investment.
According to a survey conducted by YouGov and OP Global on Tuesday, nearly 53% of UAE residents said that they invested in property, compared with 43% of those who invested in gold. However, a large number of those who have invested in property have invested in properties overseas. Only 12% put are investing in the Emirates, compared with 41% in the overseas property market.
“Many and more people are starting to see property investment as one of the highest performing asset classes within their investment portfolios,” said Paul Preston, head of IP Global, Middle East.
The survey did present a positive aspect of property investment for the longer run, where 57% of those polled named Dubai as their next preferred investment destination; only 21% consider London as the location of their next property investment or purchase, while the rest showed growing interest in other markets such as the U.S. and Australia.
Also, the figures imply that UAE residents are starting to have enough confidence in global markets to diversify their investment portfolios with assets such as property, and put their money away from gold, considering its ‘safe haven’ appeal.
Another survey by real estate investment and advisory firm Jones Lang LaSalle (JLL) showed a slight pause in the growing real estate market in the UAE and especially Dubai, after an 18-month period of rapid growth.
The report by JLL showed subdued growth levels in both apartment and villa sale prices in the second and third quarter of 2014. JLL reported that a big reason behind this slowdown was a rising mismatch between buyer and seller expectations.
The upcoming period could show a larger reallocation of UAE money into Emirati properties, in turn reinforcing the rapid growth in the UAE real estate market and boosting sale values.
Fears over the property market bubbling up and crashing again do not exist as it did in 2008-2009, but recent trends in the market are suggesting otherwise.
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