Tanmiyat finds more buyers from Africa

Tanmiyat finds more buyers from AfricaLiving Legends villas at Dubailand / Image Credit: Tanmiyat

Real estate and development firm Tanmiyat Group, has identified an increase in buyers of Dubai property from emerging markets such as India and Africa, during the previous three financial quarters. The influx of these investors has overtaken traditional buyers from developed nations such as the UK, Germany and Russia, who have seen unsteady economies in recent years.

''The Dubai property market remains attractive to foreign investors, however we have noticed a significant slowdown in purchases from our core countries in the Western region and a significant increase in buyers from new world markets,'' confirmed Mohammed bin Odah, CEO of Tanmiyat Group.

''Most of the buyers are looking for a strong return on their investment and they are most interested in properties that are completed or are nearing handover. Since the Living Legends community is in its handover process, with phase one consisting of 500 villas successfully completed, we have witnessed increasing demand in the project from overseas''.

According to data from the Dubai Land Department (DLD), released by its Real Estate Research and Studies Department, total investment transactions for the first half of the year reached Dhs57 billion from 26,000 investors made up of 149 different nationalities.

Indians ranked as the number one foreign investor here, bringing in more than Dhs7bn to the emirate from just 3,656 transactions in the first half of 2016. This is expected to reach Dhs20bn by the end of the year.

''Dubai as a destination is a prestigious brand, therefore buying a property here becomes an important statement and something most of the big investors look to have in their portfolios. When we sell outside Dubai we capitalise on our strong knowledge about 'the brand' Dubai,'' said Saleh M. Tabakh, Executive Director of Delta Real Estate.

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Source: Property WeeklyPW


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