Dubai and Abu Dhabi best for long term real estate investment
As per a report by property consultant Jones Lang LaSalle, the two places that hold best prospects for long-term real estate investment, compared to the MENA region, are Dubai and Abu Dhabi.
The report, while considering a study that placed the UAE among the world's top 30 most competitive countries, said: "Long term investors have been deterred from investing in the MENA region by the short term speculative mentality of both investors and developers over the last few years. As a result, few sales have occurred, despite the continued interest of such investors. The ability of different markets to attract long-term regional and global investors will be of critical importance to their progression into the stabilization and recovery phases of their cycle as the emphasis shifts from a short term to a longer-term investment paradigm."
In addition, the report said that the UAE government's drive to make the nation "more competitive and transparent," has benefited the real estate sectors in Abu Dhabi and Dubai.
But, because of an expected oversupply of hotels and offices, Jones Lang LaSalle predicted further plunges in the property values in Dubai. However the report claims that the emirate has shown signs of recovery.
New Zealand News
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