Expatriates in UAE still showing interest in real estate sector |
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| Wednesday, 25 March 2009 09:37 | |||
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Forty eight per cent of UAE expats have expressed interest in investment in the country’s property sector. Expats in Bahrain and the UAE still believe in the strength of the Gulf property market, notwithstanding the real estate crisis apparently looming in the region, according to a new survey by the offshore insurance firm, Zurich International Life. The study revealed that nearly half of UAE expats have expressed interest in injecting their money into the property sector. This held true even in Dubai, where a pronounced downturn appears to be commencing. It also stated that three quarters (72 per cent) of expatriates living in Bahrain would spend any extra income they had on property as well. Other conclusions from the report were that more than 65 per cent of those questioned in Bahrain already have investments in property, compared with 27 per cent in the UAE. The findings indicate the long-term future of the real estate sector in the Gulf was healthy, a spokesperson for Zurich concluded.
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