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Two thirds of UAE freehold properties are foreign-owned |
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- Gowealthy.com, UAE, 25 Jun 2008
Two out of three freehold properties in the UAE are bought by foreign investors who live outside the country, said a Dubai-based leading real estate firm, MAG Group, said. Mohammed Nimer, CEO, MAG Group: "Investing in property in the UAE is seen as safe and rewarding and currently better than investing in bonds or stocks. In spite of numerous challenges such as rising cost and shortage of contractors, the real estate sector in the UAE, is till one of the most important investment areas in the country." The real estate firm in Dubai that is looking to widen its portfolio of new property projects to more than Dh10 million by 2012, said final homeowners currently account for just 30 per cent of the realty market and only five per cent of them are UAE nationals. The MAG Group currently has five real estate projects across Dubai totaling Dh3billion. |
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