In Dubai, it's clear that expats are now taking a serious look at Dubai property as a source of investment as housing rents and prices continue to increase. In fact, Dubai Land Department statistics reveal that Indian investors spent more than AED10.5 billion in the first half of 2014 while Britons spent another AED5.8 billion in the emirate.
The rising confidence in the market can clearly be seen in what's happening in Dubai's financial market. According to Essa Kazim, chairman, Dubai Financial Market, "The accelerating pace of IPOs and listings on DFM over the past few weeks reflects the sound fundamentals of our economy's various sectors as well as investors' profound confidence in the macro economic outlook and the performance of companies. Additionally, it underlies issuers' confidence towardsDFM as a leading and efficient platform for companies and investors from the UAE and beyond, due to its ample infrastructure, and world-class services."
Another sign of increased confidence in the real estate market is the fact that developers are launching a range of new mega-projects. On Tuesday, five new projects worth AED3billion were announced - with four being in Dubai while one was launched in Fujairah.
Omniyat Group, a Dubai developer, broke ground on the AED600 million 'Anwa' – its first project - in Dubai Maritime City with the company chairman planning to double its investment portfolio to AED24 billion from AED12 billion in the next five years.
Meanwhile, Al Habtoor Group, one of Dubai’s largest conglomerates, announced three new projects worth over AED2 billion. “Work is already underway for the three developments – AED993 million Habtoor Polo Resort & Club and a combined AED1.02 billion for Metropolitan Sheikh Zayed Road and Oasis Villas,” Khalaf Ahmad Al Habtoor, founder and chairman of the Group, said.
It is clear that Dubai's recovery is being taken seriously by all those involved, whether it be the end-users, developers or investors. “Real estate is a long term investment and you need to focus on the fundamental," said Omniyat Group’s Executive Chairman Mahdi Amjad. "I think Dubai has demonstrated in very good times, in difficult times and again in very good times that the fundamentals of Dubai are very strong.”