Dubai realty eyes well-off buyers – ZAWYA

Dubai realty eyes well-off buyers – ZAWYA

Markets with strong purchasing power targeted to offset absence of China amid Covid-19 crisis. Property developers in Dubai are heavily focusing on investors from the UAE, GCC, Russia and other markets with strong purchasing power to offset the fall in demand from Chinese buyers as well as impact of coronavirus.. Developers are laser-focused on local markets, who noted that young Emiratis are buying in droves to cash in on attractive prices, believing that these will recover in the short term.. Chinese investors used to be a good number of buyers but thanks to coronavirus, they have not been investing in the last two months for obvious reasons.. "By now, China is recovering from coronavirus and we expect them to be the first nationality to re-enter the market.. Global Property Guide, meanwhile, showed that the decline rate in Dubai property prices has halved, meaning prices are set to plateau soon and then recover.. During the start of 2019, Firas Al Msaddi, CEO of fam Properties, said Chinese investors were also among the top four foreign nationalities who invested in Dubai, which clearly showed there was heightened interest from Chinese investors in the city's real estate market..