The number of Gulf nationals buying holiday homes on Dubai's manmade Palm Jumeirah increased by around 25 percent last year, balancing the decline in Russian investors, who are instead favouring cheaper distressed assets in Europe, one real estate expert told Arabian Business.
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“We are about 25 percent up on GCC investment in 2012,” said Mark Towers, managing director of Dubai-based real estate agency Edwards and Towers.
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“Locally people have seen that the market has started to pick up and on the Palm we get a lot of second home purchases… From Abu Dhabi and from Saudi Arabia, for holiday and weekend homes.”
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An Edwards and Towers report also reported a “slowing of Russian acquisitions across both apartments and villas”. Towers said Russians were now buying smaller units and were starting to shun Dubai, instead focusing on markets in Europe with cheaply priced distressed assets.
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Read more: http://www.arabianbusiness.com/surge-in-gulf-buyers-snapping-up-palm-holiday-homes-488456.html
Only gulf investors could do this type of investment. Remember, they have OIL people!! :)
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