Chinese investors have dramatically increased their purchases of residential property in Dubai since the collapse of prices in the emirate two years ago, an analysis of sales data shows.
In the first eight months of this year, Chinese buyers purchased Dh578 million (US$157.3m) worth of homes, a 700 per cent increase on the Dh82m figure for the same period in 2008, according to data compiled by REIDIN.com.
"Chinese people are bargain-hunters," said Saurabh Sharma, research and data manager for the company's Dubai office. "They have shifted their focus from other countries to Dubai." Chinese buyers still represent little more than 1 per cent of residential purchases in the emirate, according to the data, which were gleaned from Dubai Land Department's registration records.
No comments:
Post a Comment