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Dubai properties attract Chinese
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As real estate prices rose sharply in Shanghai and Hong Kong in recent years, a rising number of Chinese investors rush to booming Dubai to take their picks, although prices soared in the city as well, the UAE daily The National said yesterday.
The newspaper said that major Dubai developers such as state-owned Nakheel, the developer of the man-made island Palm Jumeirah, have hired Chinese-speaking staff in order to cope with the new rush of clients from the Far East. With rental yields profitable, the Dubai real estate market became the latest hotspot for Chinese investors who aim to put their money in property overseas.
According to the consulate-general of China in Dubai, over 270,000 Chinese nationals live in the United Arab Emirates.
The report quoted Hai Rong Xiao, a sales agent of property broker Atomic Properties in Dubai’s International City, as saying that Chinese investors were rushing to snap up apartments in the Gulf Arab city.
In contrast to major Chinese cities like Shanghai or Hong Kong, the Dubai real estate market is still far from overheating, said Craig Plumb, head of MENA research at real estate consultant Jones Lang LaSalle.
“Apartment prices rose 15 percent in the last 12 months but they are still 19 percent below their peak in 2008, the year before the global financial crisis hit the Dubai real estate market,” said Plumb.
Earlier in the week, Nakheel Chairman Ali Rashid Lootah said during the property fair Cityscape Global in Dubai that Nakheel welcomed a rising number of Chinese first-time buyers this year to its latest project, Warsan village.
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