How Wealthy Turks and Egyptians are Shaping the Market

Real estate market of Dubai is on a rise and is prominently driven by investors from Turkey and Egypt. Since both countries have faced economic turmoil including devaluation of their currency and economic constraints; the wealthy citizenry of these countries are turning to Dubai for property investment symbolizing stability and high returns.

Key Factors Driving Demand

The foreigners especially the Turkish and Egyptian investors are motivated to invest in the real estate of Dubai for the following reasons. Unfavorable economic conditions as well as decline in foreign exchange value have underlying made foreign real estate investment mode of retaining wealth.

For instance, Turkey’s lira has depreciated by 95% from 2012 while Egypt’s pound has dropped by more than 68% from the beginning of this year. These currency challenges are making it more difficult for the super-rich from these countries to invest in securities and this is forcing such investors to seek for safer investment destinations more especially in Dubai with the property being among the most sought after.

Dubai’s Luxury Appeal

In fact, it goes beyond stability since Dubai is a favorite destination of HNW individuals. The role of convenience also cannot be underestimated, which is greatly linked to the image of the city primarily as the richest and with the highest level of service provision. Latter current developers such as Binghatti Properties are expanding their luxurious projects in strategically promising areas including the Business Bay and Palm Jumeirah.

Continuing with the idea of luxury living, Binghatti has partnered with luxury automobile manufacturers such as with Mercedes Benz and Bugatti for its related projects, which affirms the city’s intention of providing luxurious living standards. These are not only offers exquisite stay, but also concepts of smart living, innovative technologies, and design reflecting the brand’s philosophies.

A rising demand has put pressure on homes in Dubai and their prices are up 24 percent year on year and rents are up as well. However, we have observed that specialists believe that the market is headed to a correction as they presume that there is likely to be additional supply in the market over the next few years. This might aid to achieve better price controls if the consumers and tenants are offered a variety of goods and services to chose from.

Off-plan property sale in Dubai remain active with investors, purchasing properties that have not been constructed yet, making their investments in real estate sector in the city strong and consistent. Upcoming giants such as record-breaking residential towers by Binghatti, along with other luxurious ventures, will ensure that Dubai remains the globes prime property marketplace.