Foreign interest targeted in online property auction in Dubai

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The economic downturn of 2008 saw properties in some locations in Dubai drop by up to 60% - but the property market is starting to make a comeback as foreign investors show increasing interest in the emirates.

Indians appear to be showing the most interest, having purchased 2,153 properties worth a total of AED3.751 billion in the first half of 2012. Pakistanis spent AED1.713 billion on 1,814 properties while British investors bought 1,564 properties worth AED2.529 billion.

Iranians invested in 1,057 properties worth a total of AED1.515 billion while Russians purchased 694 properties valued at AED1.438 billion in total.

This situation, added to investments by Saudi Arabians, Americans, Canadians and Jordanians, meant that overall foreign buyers purchased real estate worth AED22 billion in the first half of 2012.

Chairwoman of the Real Estate Investment Promotion and Management Centre, Majida Ali Rashid stated that the real estate sector performance has shown continued strength over the past two years.

“The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potential,” she added.

And in a further bid to attract more international investors to the United Arab Emirates, Asteco Property Management has announced that it will launch an online property auction website.

Elaine Jones, chief executive officer of Asteco Property Management, said the project aimed to make it more convenient to invest in the UAE by “furnishing financiers with the opportunity to invest in local property through a safe, secure and transparent online auction”, therefore making it an even more popular destination.

Transferring money to Dubai

Those who need to transfer money to Dubai might want to review their options and find the best way to send money internationally.

If you are looking to invest in Dubai, think carefully about how you will be send money there. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So, if you are sending money to Dubai (which you will inevitably have to do if you are looking to make a property investment) be sure to compare the market before you purchase your overseas currency.

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Foreign interest targeted in online property auction in Dubai

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