Significant foreign investment boosts growth in Dubai

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Although Dubai was not spared by the economic crisis which has taken over the globe, foreign investment into real estate has put the affluent region on the road to a speedy recovery.

Dubai is looking to their real estate market to launch them from economic woes, especially because overseas investors are pouring money into developments.

Foreign investors bought real estate worth DH28.3 billion in the first half of the year, according to government figures – which is a 3.6% increase against the previous year.

It was also revealed earlier this year that more than DH36.73 billion of foreign investment flooded into the United Arab Emirates over the course of 2011.

And according to Knight Frank’s quarterly Prime Global Cities Index, apartment prices shot up by 5% in the second quarter of 2012 compared to six months ago.

The rising rental and sales prices in Dubai are attracting investors hoping to gain rental returns and profits from property from all over the globe, including those from neighbouring countries in the Middle East and Asia.

The world’s leading commercial property and real estate services adviser CBRE also confirmed that apartment rents increased by 2%, with some of the most desirable areas witnessing rises of 5-8%.

With the Eurozone crisis plaguing the Western world with economic worries, Dubai is seen as something of a safe haven for overseas investors.

Farouk Soussa, Middle East economist at Citigroup in Dubai said: “A lot of people in the Middle East, Russia, Pakistan, and the Asian subcontinent are looking for a safe haven.

“Perceptions are that the real estate market has bottomed out. If you are looking for more long-term investment, the market in Dubai seems reasonable.”

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 abroad.

If you are looking to invest in Dubai, think carefully about how you will be sending 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 buy your overseas currency.

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