Dubai‘s property sales are poised to accelerate this year as more investors flee markets hit by a credit crunch to tap growth in the world’s top oil-exporting region, an executive at Jones Lang LaSalle said yesterday.
JLL expected the volume of property sales in the emirate would rise 55.2 per cent to 717 billion UAE dirham ($195.2bn) by the end of this year from 462bn AED a year ago.
« As the markets are going down in Europe, many investors are cutting losses in places like the UK and coming here because it’s a growth market, » said Blair Hagkull, managing-director for the Middle East and North Africa.
« People who are liquidating in the West will be looking for other places, many of whom are comfortable with this region. Historically, they looked at Asia, now they’re looking at this region, » he said.
Projects worth more than $2 trillion have been announced or are under way in the GCC, Middle East Economic Digest has said.
Source: Gulf Daily News