Business
UAE property sector flooded with billions of dollars
A total investment of $108 billion is expected in the property sector this year.
Dubai: Along with travel and tourism, the Dubai property sector is also on the rise as 108 billion dollars are expected to be invested in this sector this year.
The data of Dubai Land Department shows that Dubai is still the favorite state for investors from all over the world. A total investment of $108 billion is expected in the property sector this year.
Due to the attractive incentives provided by the government of United Arab Emirates (UAE) to attract foreign investors, the property or real estate sector in Dubai is now growing at an extraordinary pace.
The measures taken by Saudi Arabia yesterday in the real estate as well as in the manpower sector are also aimed at attracting more foreign investors. Saudi Arabia has announced that it will not collect income and gain tax from foreign investors for 30 years.
Experts said that total foreign investment in Dubai's property sector this year is likely to reach 108 billion dollar. The total investment in the member countries of the Gulf Cooperation Council this year has been 172 billion dollars.
The government of UAE is taking extraordinary measures to attract foreign investors to invest. CEO of W Capital Waleed Al-Zaruri said that 127,000 capital deals have been made in the property sector this year. The investment is not only in the luxury resort and hotel industry but also in middle class houses, apartments and shops.
Waleed al-Zaruri also stated that foreign investors are preferring to invest in Dubai because the capital investment process is kept very simple, tax concessions are being given and UAE’s infrastructure is providing ample opportunities to earn high profits.