Interest in Dubai property is soaring among potential buyers from China, according to the Chinese property portal Juwai.com.
The firm, which specialises in overseas property searches for Chinese nationals, said that investor interest in Dubai increased by 1,200 per cent year-on-year in August.
The company said the increase in its Purchasing Intent Index compares extremely favourably with other world markets. For instance, in the five territories that are currently most popular with Chinese buyers – the US, Australia, UK, Canada and New Zealand – the index rose by just 30 per cent.
Juwai.com said that it is becoming “increasingly common” for Chinese buyers to purchase residential property in Dubai, whereas a year ago it was rare.
Chinese institutions are also beginning to invest, with Skai Holdings recently gaining a US$300 million syndicated loan from a mix of Chinese and local banks to fund construction of its Palm Viceroy and Viceroy Dubai Jumeirah Village hotel and serviced apartment projects.
Despite Dubai’s own market fluctuations, it is still considered a relatively safe destination in which to invest, the report said.
“Chinese buyers of Dubai apartments and villas are generally purchasing for investment or for their own part-time occupancy, said Andrew Taylor, co-chief executive of Juwai.com.