fam Properties chief says he expects 50% of 2019 property sales to come from Chinese investors
The top selling real estate broker in Dubai has predicted that half of its sales this year will come from Chinese investors.
Firas Al Msaddi, CEO of fäm Properties, has set the target for 2019 after the company was honoured by the Dubai Land Department (DLD) following total 2018 sales of AED1.33 billion.
Al Msaddi was also recognised by the DLD as the leading individual broker for 2018 with a total of 262 transactions.
Al Msaddi said: "Immediately we’ve set our sights on achieving higher targets this year, and I’m forecasting that 50 percent of our sales and above will come from the Chinese market.”
After conducting extensive research into Chinese investment potential for Dubai property, fäm said it will shortly be finalising a strategic partnership to maximise this.
“There is huge potential for Dubai real estate in the Chinese market and we’re adopting a strategic approach to give fäm a strong presence there and ensure we’re able to tap into it,” he added.
His comments come as data released by DLD revealed that 7,013 Chinese investors made 9,640 real estate transactions from July 2002 until July 2018 worth AED14.34 billion, with a continuous increase in the volume of investment from 2013.
Last month, Dubai-based real estate giant Emaar Properties said Emaar it has begun business development operations in China in a bid to promote Dubai as an investment destination.
Emaar said it has begun the design and fit-out of two offices in Beijing and Shanghai, staffed by a team specially recruited from China.
The two showrooms will be used to showcase the UAE as an investment destination, with a focus on property, educational opportunities and healthcare.