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The UAE is second in the list of residential investable places in the world, coming after the US in a report released yesterday by real estate advisor Savills.
The Savills World Residential Investability Ranking focuses on countries with cities and resort locations that have consistently attracted investor interest in recent years. Singapore came in third in the ranking, which combines macro metrics with local, shorter-term drivers of house prices, relevant to investors when making buying decisions.
Ranking 14 countries on the basis of broad economic and demographic factors, the report evaluates key demand variables including population growth, wealth and economic growth, alongside supply and price levels, in order to see which countries are set to perform best. On the basis of economic growth and potential for market recovery, the US emerged a clear leader for investability, according to the report.
However, local considerations mean that cities have varied potential. The long term demographic, economic and supply-side drivers of demand can be different at national and local levels.
''There is a world of difference within the US between top tech cities and languishing rust-belt ones,'' said Yolande Barnes, Director of Savills World Research. With these criteria San Francisco is among the very best of selected residential markets.
The UAE came second in the country rankings for residential investment potential, as domestic wealth creation and increasing demographic and regional demand continues to grow. The Dubai market witnessed more robust demand replace the speculative overseas investment in recent years. According to Savills, Dubai is too near the top of the present cycle to top the investability league.
The third and fourth most investable places were Singapore and the UK respectively. Others on the list are China, Hong Kong, Spain, the Caribbean, Australia, Portugal, Italy, France, South Africa and Switzerland.
Source: Shalini Seth, Special to Property Weekly