Dubai's real estate market is gearing up for a year of Chinese investors in 2024, experts say.
Chinese buyers are increasingly returning to the Dubai real estate market, experts have said. This comes after the opening of China's borders due to the Covid pandemic, as well as the real estate market crisis in China, prompting investors to seek safe havens for their capital.
Chinese investment in projects by Emaar Properties, Dubai's largest real estate developer, roughly doubled to 7 percent of total sales in the first half of 2023, up from 3 to 4 percent in the same period a year earlier, the company said.
"Pressure on the real estate market in their home country and the lifting of travel restrictions are encouraging Chinese investors to return to the Dubai real estate market," said Sarah Boutros, head of real estate market and finance at Blom Bank (Liban) at MENA.
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"Attractive residential rental yields of 6-7% in Dubai and an investor-friendly environment, including low real estate transaction tax and rental income pegged to the US dollar, as well as no capital gains tax on property sales, all support international investment in the sector," she added.
It is expected that buyers from China will again actively engage with the UAE real estate market after Beijing withdrew its 'zero Covid' policy and strict quarantine travel regulations.
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