Thursday, February 26, 2009

Dubai, still the leading player in regional property sector

Property projects in the GCC (Gulf Co-operation Council), particularly in Dubai, are still being actively pursued, despite the global economic crunch, reports the leading property portal REIDIN.com, which tracks real estate transactions in the GCC.

The portal said that Dubai is still the leading player in the regional property market, with Dh.5bn worth of investments flowing into the emirate in 2008.

About 5.8 percent of worldwide land sales transactions were accounted for by Dubai. Dubai was also ranked the fourth highest in global land sales rankings in 2008. Majority of the GCC investment into the emirate came from Saudi Arabia (Dh.2bn), followed by Dh.1bn from Kuwait, Dh.818mn from Oman, Dh.615mn from Bahrain, and Dh.117mn from Qatar.

The portal mentioned that there is a strong interest in Dubai property sector, despite the projected slump in UAE economy for this year.

The CEO of REIDIN.com, Ahmet Kayhan, said that the property sector is facing a challenging time confronted with issues such as liquidity, threatening investor confidence. However, the trends reveal that the Dubai property sector will still be the busiest with investments and transactions remaining comparatively higher.

According to Kahyan, despite the dim outlook on UAE economy, Dubai property sector will continue to witness constant transactions, and the government will continue its efforts to soften the impact of financial crisis by offering liquidity.

No comments: