SG S'poreans to become top Dubai buyers
Property Here - Tuesday, March 19, 2013
By Nikki De Guzman:
Investors from Singapore and Iran are expected to lead the list of top overseas buyer groups in Dubai this year, said Knight Frank.
The consultancy noted that the number of global high-net-worth individuals (HNWIs) — those with a net worth of at least US$30 million (S$37.53 million) – rose by five percent from last year. In Singapore, the number of HNWIs is expected to grow 43 percent in the next decade.
“Dubai is already very cosmopolitan and the largest segments of buyers at present are Indians and Pakistanis, followed by Saudi Arabians and other GCC nationals. Russians, Europeans and other western nationalities also continue to invest and reside in the UAE,” said Helen Tatham, Director at Knight Frank Dubai.
“What’s interesting, however, is that developers have started to expand beyond the traditional markets and are targeting buyers from Africa and Asia.”
Meanwhile, super-rich individuals from the UAE were the second largest overseas buyer group in Jakarta, and were third in Vienna, Paris and Nairobi.
The firm believes that ultra-wealthy buyers from the emirate will buy up properties in Kuala Lumpur, Hong Kong and Monaco in the coming years as prime property markets become more international.
In a survey conducted by Knight Frank, close to 40 percent of respondents said prices of new properties in the Middle East and Africa had increased over the past year compared with those who said prices had fallen - the highest proportion for any region in the world.
Moreover, 25 percent of those polled said prices in the region had risen in the last three months - the second highest globally after Asia Pacific.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.org