Kuwait Real Estate News
Majority of Kuwaitis investing in Dubai properties
Nearly 60percent of investors of all properties purchased by GCC nationals are Kuwaitis, according to latest figures by the UAE Ministry of Finance.
The Dubai-based luxury developer, Damac Properties, agreed that it has observed increase in inquiries from GCC investors, particularly Kuwait nationals, during the past six months.
Senior Vice President of Damac, Niall Mc Loughlin, said that Dubai is only an hour and a half from Kuwait, and therefore seems to be the ideal location for a second home for Kuwaitis. Dubai has always been popular among Kuwaiti investors, but, given the price and quality of properties now in the market, Dubai offers good value for money.
The implementation of a series of new regulations, including the latest Strata Law in Dubai, makes it more favourable among home owners, and has contributed to improved buyer confidence in the Dubai property sector.
The investor confidence in UAE is now at its highest in the past one year, states the latest FPI investor sentiment survey. The growing optimism among GCC investors is backed by the positive economic outlook by the IMF, which has further upgraded its 2011 economic growth forecast for GCC nations to 7.8percent.
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