Saudi Arabian investors will continue to put their faith in Dubai real estate because the emirate’s property market has a proven reputation for delivering long-term benefits, a developer said on Wednesday.
Okbah Abdulkarim, Chief Operating Officer of ARTAR Real Estate Development, said Dubai’s status as a safe haven for real investors remains intact and major developments driving the economy are building investor interest, particularly from Saudi Arabia.
“Many Saudis still see Dubai as a desirable city to visit because it’s close by, there are shared religious and cultural values and a superb lifestyle here,” Abdulkarim said.
“There’s a lot of diversification in the investment opportunities here in Dubai and it’s a city that Saudis know well, and trust,” he said, whose company is building Mada Residences tower in Downtown Dubai and is due for completion by the second quarter of next year.
Official Dubai Land Department figures show that in the 18 months to June this year, the biggest GCC property investors in Dubai other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion.
“Dubai has built protection from negative economic effects by creating an infrastructure for business, investment and living. It is still regarded as a city where residential property provides long-term financial security,” Abdulkarim said.