By Paromita Dey
France in focus as UAE developer Nakheel heads to real estate event MIPIM 2016 in Cannes
UAE master developer Nakheel is targeting European investors with a diverse range of products worth $1bn (AED4bn) as it attends real estate event, MIPIM in France for the first time.
Investment opportunities include around 100 land plots for commercial, residential or hotel development and around 1,000 built-form residential units, with rental yields of between 5-9% annually, at prime locations across Dubai.
The only Dubai developer exhibiting at the conference this year, Nakheel is looking to add to its already-extensive pool of European investors, whose investments currently total nearly $1.9bn (AED7bn). The company will focus on institutional investors and those in the hospitality and retail sectors during MIPIM, which has 21,000 participants.
Nakheel’s current projects span more than 15,000 ha and provide homes for over 270,000 people, with new master communities and a growing collection of residential, retail and hospitality developments in the pipeline.
Some 3,600 investors from Europe have already bought 4,700 land plots or residential units – collectively worth $1.9bn (AED7bn) – from Nakheel. British citizens account for 70% of investors, with over $1.3bn (AED4.9bn) invested, followed by buyers from The Netherlands, Ireland, Germany, Belgium, France, Sweden, Italy, Denmark and Portugal.
Speaking at MIPIM, Nakheel chairman Ali Rashid Lootah said: “Nakheel is proud to represent Dubai at MIPIM. Since our formation in 2001, Nakheel has played a pivotal role in shaping Dubai into a global destination and a magnet for overseas investors. We continue to design and deliver new, world-class projects in line with the Government of Dubai’s vision.
“Home to the world’s busiest airport, host of Expo 2020, an increasingly-popular tourism hotspot and with a population expected to double by 2030, Dubai offers countless new opportunities for investors who want to be part of the city’s exciting future."
“We are delighted to bring the Dubai real estate experience to Cannes, where we look forward to presenting the emirate’s unrivalled investment offerings to MIPIM’s huge, influential global audience.”
Other projects on show include Nakheel’s Jumeirah Village, Al Furjan and Jumeirah Park master communities as well as luxury apartments on Palm Jumeirah, townhouses in Nakheel’s high-end Jumeirah Islands development and spacious three-bedroom homes at its new, gated Warsan Village community.