Damac promotes Dubai’s safe-haven status
Dubai, June 18, 2014
Dubai is one of the safest places in the world to invest in luxury real estate, following increased regulation and transparent processes, said a leading developer Damac Properties.
Given the increasing interest in Dubai's real estate from investors in Africa, Damac is launching a comprehensive campaign across the region highlighting the investment opportunities in the emirate, with prices of luxury property starting from $149,000.
The latest index by Knight Frank states that Dubai saw strong growth throughout 2013 with rents ending the year almost 14 per cent higher, in part due to stricter investment regulation and its perceived ‘safe-haven’ status in the Middle East.
“Dubai is taking the lead in creating a clear process for buyers and tenants to increase confidence in the market and make it easier for international clients to do business in the real estate sector,” remarked Niall McLoughlin, the senior VP at Damac Properties.
“We are seeing increased investment from buyers in Africa looking to capitalise on the tax-free income and stable economic climate,” he noted.
In recent years, the Dubai Government authorities have brought in strict regulations to make the property market one of the most regulated in the world, driving increased confidence from overseas investors.
Developers must now provide four key documents to any buyer. These include the title deed of the project, details of the Escrow account dedicated to the project, the agreement with the main contractor and the approvals from the Dubai Land Department and RERA (Real Estate Regulatory Authority) to launch the project.
In its Dubai Prime Residential Review, Knight Frank added that ‘prime residential prices in Dubai could rise by 15 per cent this year, given that prices are still almost a third below their previous peak.’
Prices are also predicted to rise further following the announcement that Dubai will host the World Expo in 2020, with tourism numbers likely to double in the next six years to 20 million.
The company has also launched a dedicated website for investors interested in learning more about Dubai, the regulations and opportunities available.
The site includes details on the latest trends in the real estate market, a focus on investment opportunities and videos of the most famous landmarks across Dubai.
“The new look site is a window on the world of Dubai,” stated McLoughlin. “It showcases the amazing things happening in Dubai – a place like no other, offering an unrivalled opportunity,” he added.-TradeArabia News Service