Dubai tops property investment locations for 2017by Jumana Abdel-Razzaq on Nov 29, 2016
Dubai overtook London as the most preferred property investment location for 2017, according to global real estate services company Cluttons.
Toronto emerged in joint third place with Abu Dhabi, followed by Singapore, Kuala Lumpur and New Delhi respectively. Toronto was the only North American city named as a likely target for next year.
From an investment perspective, Cluttons’ recent Middle East Private Capital Survey revealed London as the top property pick for Middle East High Net Worth Individuals, followed by New York and Singapore, for 2016.
Faisal Durrani, head of research at Cluttons, said: “Rising numbers of students from the Gulf travelling to Canada has certainly aided the city’s emergence in the minds of the Gulf’s wealthy, but it’s quite likely that it will serve as a proxy location to New York, while we all wait and watch to see what ramifications, if any, the US election result has on global property investment flows.
In regards to the recent US election results, experts at the real estate service company say that due to sudden policy changes made by the incoming president, regional confidence in the property market might be affected.
“At this early stage, it certainly makes London look like a much safer investment hub for Middle East investors, particularly as this is a market they understand well; however with currencies pegged directly to the dollar, the pull of a London investment may be eroded to an extent, should the dollar slide in the coming weeks and months,” Durrani added.