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Dubai may be ideal second home location for majority of Kuwaitis

Dubai is increasingly being considered as the ideal location for a second home for majority of Kuwaitis, as it is just 90 minutes away by flight. This could be the reason why Kuwaitis are the biggest investors in Dubaiís real estate sector, in comparison to other GCC countries.

Based on the figures released by International Property Show (IPS) 2015, to be held from 30th March to 1st April 2015, the GCC ownership in the UAE amounts to 11761 properties in 2012, marking an 8 percent growth over 2011.

Further, it was noticed that the total property ownerships taken up by Kuwaitis was 6947 properties, the largest since the end of 2012, which make up for a whopping 59 percent of total GCC property ownerships.

The CEO of organizers of IPS 2015, Strategic Marketing and Exhibitions, Dawood Al Shezawi said that UAE still plays the lead as a hot property destination in the GCC. In the year 2011, investors from Kuwait account for about 60 percent of all properties purchased by GCC nationals in the emirate of Dubai, as per figures by the UAE Ministry of Finance.

Kuwaiti investors and purchasers are the biggest chunk of buyers in the UAE property market at present. The real estate market in Dubai is now more stable and sustainable, which has further improved confidence of GCC investors.

The UAE and Kuwait have been linked in various ways, as they are two leading markets in the Middle East, Al Shezawi said.

IPS has already registered 300 exhibitors from over 120 nations, marking 33.3 percent increase in comparison to previous edition.

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