Dubai property a big draw for Chinese investors
Updated: 2014-06-26 10:55
(chinadaily.com.cn)
|
|||||||||||
Chinese individual investors poured about 1.3 billion UAE dirhams ($353 million) in Dubai's real estate last year, nearly tripling that of 2012, as the Middle East's financial hub becomes a growing magnet for the well-off from the world's second-largest economy, the China Business News reported on Thursday.
Statistics from the Dubai Land Department show that about 1,000 individuals from China invested in land, residential housing and office. In 2012, investment stood at 486 million dirhams from only 288 investors.
The spending spree comes mainly as the Chinese wealthy expand their diversified overseas investment in recent years. And properties in Dubai are expected to generate as much as 30 percent of yields, much higher than in Hong Kong, Shanghai, or Beijing, said the report citing industry insiders.
China has increasingly become a main bidder in Dubai's real estate sector, outstripping India, Britain, Pakistan, and Saudi Arabia, which used to be among its top investors before Dubai became debt-ridden and nearly broke during the global financial crisis starting in 2008.
"The 2020 World Expo to be held in Dubai will help shore up the country's economy and drive its housing prices. That's what makes the country increasingly attractive," an unnamed analyst was quoted as saying.
London shines for investors in apartments |
Related Stories
Property buyers scouring the world in diversification drive 2014-01-28 07:54
Chinese rushing for overseas properties 2014-01-22 11:02
London shines for investors in apartments 2014-01-13 15:54
Investors eye Aussie property safe-haven 2014-03-04 11:32
Chinese property firms' overseas expansion 2014-06-12 16:55
China developers invest $7.6b overseas 2014-03-27 19:49
Today's Top News
Putin in Austria discusses gas pipeline
China a World Cup winner? What a bunch of Brazuca!
Nation frets over middle class exodus
China set to be net investor
Chinese women crave Tanbi lit
Pilots' 'mismanagement' causes Asiana crash
Chinese investors discovering lure of Motor City
Netizens sound off about officials' neglect of duty
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Crackdown on terrorist attacks |
My China Story: Meeting the master |
Long march to end employment bias |
Variety is the spice of academic life |
Documents prove the truth can't be buried |
Race to remember story of resistance |