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Investors back UAE on capital gains
Nearly three out of four investors who have purchased a property in the Gulf believe that the UAE is the best market for capital gains growth over the next two years, the ArabianBusiness.com Property Survey 2008 has revealed.
Data from the annual study shows 72.5% of respondents said the emirates were the best market in the Gulf for property investment in the near future.
Though 77% of those in the UAE thought the Emirates were the best place for property investment, largely other investors in the Gulf and Egypt agreed with them.
Kuwaiti respondents were the most favourable of property investment in the UAE, with 45% of those polled picking the UAE over others.
Respondents from Kuwait also proved to be the most favourable in terms of property investment across the GCC, being the most favourable for investment in the the UAE, Saudi Arabia, Qatar and Oman.
Kuwait itself was found to be the least likely for investment for property from Gulf investors and Egyptians, with only 18% of Kuwaiti respondents themselves favouring returns from capital gain growth over the next two years.
In the UAE, other respondents from the Gulf apart from Kuwait and Egypt were less favourable with figures of around 20% of those polled picking the UAE as the top GCC investment.
However, it was Saudi Arabian respondents at 17% who found Dubai to be the least attractive market for real estate investment over the next two years.
In Saudi Arabia, both Egyptian and Omani investors found property investments in Saudi Arabia were least favourable, followed by investors from the UAE (4.5%).
In Qatar, Bahraini and Egypt respondents found the market least favourable for property investment, followed by investors from Saudi Arabia (3%).
Egypt was found to be the most favourable place for property investors from Bahrain, followed by those from Saudi Arabia and then the UAE.
Dubai kicked off the Gulf Arab real estate boom in 2002 by allowing foreigners to invest in property, which has then led to a real estate boom across the region.
The mortgage market in the GCC, and especially the UAE, has experienced massive growth over the past year, spurred by the real estate boom.
The UAE's mortgage market will leap from 20 billion dirhams ($5.4 billion) by the end of this year to 64 billion dirhams over the next three years, with Sharia-compliant house financing making up more than 60% of this figure, industry watchers predict.
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