Saturday 28 July 2012

Sanctions put on Iran affect sales of property - The National

Iranian investment in the Dubai property market slipped by nearly a quarter to Dh1.5 billion (US$408.3 million) in the first six months of the year from a year earlier as sanctions squeeze buyers from the embattled country.

Buyers from Iran still represented the fifth-largest group of investors by nationality in the market, with 1,036 Iranians snapping up villas and apartments, data from the Dubai Land Department show.

But the investment was likely to have been higher if it were not for the impact of western sanctions against Iran, say people familiar with the property market. Iranians are facing difficulties getting approval from banks in the UAE for mortgages or to make down payments for properties, said Hossein Haghighi, an Iranian businessman living in Dubai who owns a villa in the Springs.

No comments:

Post a Comment