60 percent percent of all properties are purchased by Kuwait investors, according to new figures from the UAE Ministry of Finance.
Luxury Dubai-based developer DAMAC Properties also confirmed that it has observed an increase in inquiries from Gulf investors, particularly Kuwaiti nationals, over the past six months. “Dubai is only an hour and a half flight from Kuwait, which makes it an ideal location for a second home, or even a primary home for some Kuwaitis.
Dubai has always been popular with Kuwaiti investors, but given the price and the quality of properties now available on the market, Dubai offers phenomenal value for money” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
While affordability is likely the most significant factor stimulating demand, the revival of the property market is also being underpinned by a more favorable regulatory environment. The implementation of a raft of new regulations, including Dubai’s new Strata Law which favours home owners, has also contributed to renewed buyer confidence in the property sector.
“Dubai’s real estate market is now more stable and sustainable. Gulf investors are flooding back into Dubai” Mc Loughlin added.
Investor confidence in the UAE is now at its highest level in 12 months, according to the latest FPI investor sentiment survey. Investors are upbeat about the outlook for the UAE economy.