Fri, 07 Sep 07
The United Arab Emirates has made its first appearance in the Global Emerging Markets Index...
Dubai is already considered to be a well-established location amongst British property buyers, and has been ranked separately from the rest of the UAE federations in order to demonstrate its unique status.
The continued rise in popularity of the rest of the UAE is likely to be driven by Abu Dhabi, whose property market was boosted by the introduction of foreign investor-friendly property laws in 2005.
Perhaps less well known than its glamorous neighbour Dubai, Abu Dhabi is now set to play host to the next Gulf property boom, presenting the ideal investment opportunity for those who missed out on the fast-paced growth seen in Dubai.
The index is based on the number of foreign exchange transfers undertaken by Currencies Direct to emerging market regions in any given month. The below table outlines this month’s top ten emerging property hot-spots, along with a comparison on last month’s positions:
UAE (excluding Dubai)
Neil Redcliffe, group managing director at Currencies Direct comments, Abu Dhabi is ripe for property investment following the changes to legislation that gave foreign investors the right to purchase leasehold property in the region. As such I believe it will increasingly appear on the radar of many British investors looking to pick up a good deal.
He continues, As the largest and richest of the seven federations, Abu Dhabi has an abundance of land and wealth, even more so than Dubai, which has already set high expectations. As such, I would expect to see some impressive property developments start to appear over the next couple of years. It may even eventually dethrone Dubai from its current position as the jewel in the UAE’s crown.
*The Index excludes established overseas property markets such as Spain, France and the US.
**The majority of the Currencies Direct transfers are made by UK residents looking to emigrate or purchase property abroad.
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