Online interest in Dubai from Chinese browsers had grown exponentially, but actual investment from Chinese buyers has been equally impressive. Overseas Property Professional reports on recently released analysis from Dubai-based developer Damac Properties, which found that Chinese investment in the United Arab Emirates city reached CNY2.24billion (about $352 million) in 2014, a more than 300% over the year previous. Ziad El Chaar, Managing Director of DAMAC Properties, discussed why Chinese buyers are increasing their investment in the Dubai:
“The real estate sector is one of the best business fields illustrating the lucrative return on investment, with rental yields reaching between 6% and 8%, which boosts the interest of every person looking for high return on investment driven from a foreign property, within a tax free environment. The volume of real estate transactions recorded in the first 8 months of 2015 reaching CNY149.6billion, as announced by the Dubai Land Department, is another proof of the growing appetite of investing in the properties sector.”
Chinese investors currently rank sixth among international investors in the city and according to the Dubai Land Department, Chinese investment through the first eight months of this year has reached CNY2.07billion (about $325 million). [Overseas Property Professional]