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Dubai, October 2008: Property ownership boosting expatriates' sense of belonging in the UAE Survey conducted by DSL exhibitions shows 86% of property owners wish to retire in UAE
Property ownership boosting expatriatesf sense of belonging in the UAE
Survey conducted by DSL exhibitions shows 86% of property owners wish to retire in UAE
Dubai, October 2008: In a recently conducted survey by DSL Exhibitions . organizers of the R&R Local Property Show, due to be held at the Dubai Crowne Plaza, on Thursday 16, Friday 17 and Saturday 18 of October . results demonstrate a growing sense of belonging towards the UAE among those who have bought property in the country. In contrast, those respondents who have not yet invested in real estate in the region feel less at home here.
UAE properties have been open for investment to expats for several years now and several tens of thousands of foreigners are now living in their own homes in the country . a stark contrast to ten years back where every expat had to rent,h said Tessa Morris, Marketing Director, DSL Exhibitions. gWe thought that the time was ripe for a survey that tried to discover whether the ability to buy property in the UAE has increased expatsf sense of belonging towards their adopted home.
The real estate market in UAE has matured significantly and is still growing by leaps and bounds, especially in emirates like Ajman. Khurram Wahid, Director of Chapal , citing an example, said: gProperty prices in Ajman have risen by an average of three to five per cent every month for the past two years. When we launched our projects in February 2007, our average selling price was 300dhs per sq.ft. It is now Dhs 625 to Dhs 650 per sq.ft. and is expected to touch 700 to 750 Dhs per sq.ft. by early 2009.
On the downside, financial and mortgage products have not kept pace with this demand. Khurram Wahid comments: gThere is a very visible shortage of mortgage/home loans facilities, especially for Ajman based properties. Places like Ajman offer tremendous advantages but a substantial number of potential clients are deprived of these advantages due to lack of mortgage facilities.h
Whatever the ups and downs of the UAE property market, a large number of expats have chosen to invest here and most are feeling truly at home, as this survey demonstrates.
