Tuesday 26 March 2019

UAE ... hot property destination for Kuwaiti nationals.

Kuwaitis biggest property owners in UAE

DUBAI, November 6, 2014

Kuwaitis are the biggest property owners in the UAE among the GCC nationals with a total of 6,947 properties at the end of 2012, said the organisers of a major property show.

The International Property Show (IPS) 2015 will be held from March 30 to April 1, 2015 at the Dubai World Trade Centre.

“UAE continues to maintain its lead position as a hot property destination among GCC countries since 2008. At IPS, we are working hard to attract as many Gulf visitors as possible to our show and specifically Kuwaiti visitors,” stated Dawood Al Shezawi, the CEO of Strategic Marketing & Exhibitions, the event organisers.

"In 2011, the investors from Kuwait accounted for nearly 60 per cent of all properties purchased by GCC nationals in  Dubai," revealed Al Shezawi citing the UAE Ministry of Finance data.

"The picture is still the same and the Kuwaiti investors and purchasers remain the biggest chunk of buyers in the UAE property market," he said.

"They are also one of the biggest investors in Dubai’s real estate sector, compared to other GCC countries," he added.

Al Shezawi said the GCC ownership in the UAE property sector witnessed a eight per cent increase to hit 11,761 properties in 2012 over the previous year. "Of this, the share of Kuwaiti citizens was a whopping 59 per cent," he added.

According to him, Dubai's real estate market was now more stable and sustainable, which had improved confidence mainly among GCC investors.

“The UAE and Kuwaiti construction sectors are linked in several ways, being two leading markets in the Middle East region,” he added.

“We are expecting high footfall from Kuwaiti visitors who wish to conduct one-to-one meetings with IPS exhibitors and grab offerings at the three day show,” added Al Shezawi.

The upcoming IPS, he said, will attract companies from Kuwait, especially those with serious potential for partnerships in property industry in the emirate.

"What is more interesting about Kuwaitis is their quick decision making in buying properties in the UAE due to their confidence in the UAE property market and due to the factor of proximity. Thanks to their high spending power, many tend to buy multiple units as vacation homes," noted Al Shezawi.

Being only 90 minutes’ flight away from Kuwait, Dubai is an ideal location for a second home, or even a primary home, for some Kuwaitis, he added.

Leading companies from more than 120 countries are set to take part in the property show, up 33.3 per cent compared to the previous edition.

These will include developers of residential communities and high-rise buildings, entertainment facilities, retail outlets, financial institutions, banks and investment companies, pension funds, asset management companies, authorities, investment zones and engineers of construction and interior design.-TradeArabia News Service

Tags: UAE | Dubai | property | real estate | Kuwaiti | owners |

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