Iran deal to inject momentum into Dubai property market, says Cluttons | The National:
"The removal of sanctions on Iran could provide a timely lift for the real-estate market in Dubai after it “flattened out” in recent months, according to property consultancy Cluttons.
The company has published its 2015 UAE property report, which points out that Iranian nationals accounted for 12 per cent of all property transactions in Dubai in 2010. By the first quarter of this year, this figure had dropped to 3 per cent.
The head of research at Cluttons, Faisal Durrani, said that if sanctions are formally lifted as expected in January or February next year, global companies looking to target the market are most likely to set up shop in Dubai. The report points out that UAE-Iran cross-border trade stood at Dh62.4 billion last year, and that Iran’s government estimates that its oil and gas sector needs investment of Dh734bn over the next five years, as well as a Dh18bn requirement for aviation."
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