World’s Largest Tower Scheduled to Deliver, Foundation Work Finished in Dubai

The foundations for Dubai’s latest and tallest skyscraper have been well laid. On 27th March, Monday, the pile foundations of the tower finally got finished. The global icon is considered complete by its developers Emaar Properties and Dubai Holding. Soon, the first structural surface of the building will be seen, approximately in a couple of weeks.

tallest skyscraper 
Picture Courtesy: forbes.com

Many dedicated team members situated down at the Dubai Creek Harbour are trying to accelerate the ongoing development work on the site location of the Tower, which is swet to be delivered before the start of Expo 2020 in October that year.

The Vice-President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, laid the stone of foundation for the tower in the official ground breaking ceremony last year in October.

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Picture Courtesy: cdn.cnn.com

Master planned community of six square kilometer distancing away of only 10 minutes driving from Dubai International Airport to be built at the cost of $1 billion. The Tower features the Pinnacle Room and VIP observation garden deck which recreates the splendor of hanging gardens of Babylon which is one of the seven wonders of the ancient world.

Emmar, with its latest construction phase ongoing, has set a new world first with the foundation work done for the Tower. The pile of foundation was tested to the 36,000 tonnes of load, which is the maximum till date carried by a single pile and is a statement in itself on its strength and durability. The foundation is formed with the use of more than 145 barrette piles for the Tower at the Dubai Creek Harbour which is designed by Santiago Calatrava Valls, Spanish-Swiss architect.

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Picture Courtesy: forbes.com

The soon-to-be skyscraper the Tower will adds an amazing economic value to Dubai Creek Harbour, overlooking the dd skyline. There, Emaar has disclosed a variety of residential projects which includes Creek Gate, The Cove, Dubai Creek Residences, Harbour Gate, Harbour Views, Creekside 18 and Creek Horizon homes. These all have gained strong investor interest from the region and international markets, according to the company which gave the statement in a press conference.

Other features of The Tower consists of residential space of 679 million sq metres; 851,000 sq metres of commercial property; 22 hotels having 4,400 rooms; and 11.1 million sq metres of retail outlet.

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Categories: Dubai, News, Real Estate

Shanghai Delighted by Dubai Property Show

Shanghai World Expo Exhibition hosted the Dubai Property Show. It was opened for the general public at the Convention Centre on Friday, 24th March, taking the emirate’s top properties to Chinese buyers.

Majida Ali Rashid, assistant director-general of the Dubai Land Department (DLD), inaugurated the three-day event in the presence of UAE Consul-General to Shanghai Rashed Matar Alqemzi, DLD official, Sumansa Exhibitions organizers, whole Dubai real estate fraternity and visitors.

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Picture Courtesy: europe-re.com

The exhibition, which came to an end on 26th March, displayed a variety of luxurious and high-end affordable properties across residential & commercial ones among others. Visitors can also benefit from legal advice available on Dubai real estate rules and regulations, as well as financial advice from various banks participating in the event.

Dubai has become the star attraction for people across the world because of its many features and it has being labeled as “Bridge to the Western Countries”. The emirate stands tall for its business opportunities, like its iconic Burj Khalifa. Productive returns on real-estate like strong rental yield, complete ownership without restrictions in repatriation of funds, zero property tax, zero crime rates and a dynamic atmosphere which allows different nationalities to merge together. Additionally, property owners above Dh1 million (1.86 million yuan) are qualified for property and residence visa. Dubai is a hub for numerous prestigious international academic institutions making way for quality education within the area at an affordable price.

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Picture Courtesy: propertyfind.ae

DLD assistant director says that the Department is providing great investment opportunities for Chinses investors in real estate sector through the Dubai Property Show in Shanghai. This is because of the strategic location of Dubai on the world map which has helped to make it the preferable choice for Chinese investors and a leading global real estate destination. High quality projects and skilled art of design and construction in Dubai is also what lures Chinese investors to the emirate.

Dubai stands as a leader in its regional environment with safe atmosphere for living, working and investing, also having a diversified economic climate which attracts all the business areas and promise growth & development in activities and new industries. These features make sure that the investor doesn’t only work in an ideal environment but also accomplishes success.

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Chinese people have become an integral part of Dubai’s real estate which is evident by the Dh10.6 billion which got invested in the emirate’s property last year.

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UAE’s Topmost Investor in Real Estate Market are Indians

Dubai realty’s most prolific foreign investors’ up till now are Indians. As per the record of Dubai’s Land Department (DLD), the total investments in real estate marketing sector last year touched Dh91 billion which came from 55,928 investors. Indians are ranked top in terms of both quantity and value among foreign investors with Dh12 billion worth amount of property transactions from 6,263 buyers.

In order to attract more investments from Indians, 13th International Property Show is going to be organized from 2nd– 4th April at Dubai World Trade Center this year and will be displaying some of the best properties.

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Picture Courtesy: www.fmindustry.com

What is attracting most Indians is the UAE’s safe haven status, stable economic growth and bottomed out prices. These are the key factors for Dubai. Many Indians find Dubai as their base for business between India, Europe and Middle East, according to CEO of strategic marketing & exhibitions, Dawood Al Shezawi & organizers of the international property show.

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Picture Courtesy: www.arabianbusiness.com

Dubai is rapidly becoming the favorite destination for Indians for numerous reasons which include high capital gains, good ROI, tax free zones, close proximity with India and transparent deals as compared to others. Profits in the form of resale and rents on properties are high in Dubai.

From high end luxury to affordable housing, Dubai realty market offers everything, thus making it a perfect place for investments for Indians. This year’s International Property Show will induce Indian investors to make deals and agreements right at the show because it has some of the best properties on display, says Dawood Al Shezawi.

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Picture Courtesy: www. http://www.constructionweekonline.com

International Property Show is supported by the Dubai Land Department (DLD) and is a platform for both local as well as international real estate markets in order to showcase their residential, commercial or mixed use real estate products & carry out serious transnational business. This 13th edition is forecasted to be the biggest property show since its return with 200 exhibitors from 50 countries to participate.

While the investments from Indians started to increase in Dubai realty market, 3,294 investors from Saudi Arabia made transactions valued worth Dh8 billion out of total GCC citizens contributing Dh35 billion from 12,768 investors. Pakistan made investment worth Dh4.4 billion which came from 3,372 investors, while British investments quantified at Dh5.8 billion from 3,372 investors.

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Mega Beachfront Resort in Dubai near Burj Al Arab

His Highness Sheikh Mohammed bin Rashid Al Maktoum, which is the Vice President, Prime Minister of UAE and Ruler of Dubai has marked its launch of new beachfront entertainment harbor situated at Jumeirah beach near Burj Al Arab in Dubai which features MGM and Bellagio hotels.

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Picture Courtesy: emirates247.com

Sheikh Mohammed was accompanied by Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Civil Aviation Authority, Sheikh Ahmed bin Saeed Al Maktoum and Khalifa Saeed Suleiman  who is the Chairman of Emirates Group as well as the Director-General of the Department of Protocol and Hospitality in Dubai.

A subsidiary of WASL Asset Management Group that is WASL Hospitality and Leisure is developing the project and is in charge. It has selected MGM hospitality for the advice on development of premier destination resort in Dubai to work on the resort when completed.

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Picture Courtesy: assets.wam.ae

Highlighted core components and development of the project were praised by the Sheikh Mohammed regarding tourism industry of UAE which is an important contributor in economic diversification.

Dubai’s Deputy Ruler and Chairman of Dubai Real Estate Corporation as well as Wasl Asset Management, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said that all the operations of the group are as in line with the directives of Sheikh Mohammed bin Rashid, which aims for uniqueness and quality, along with having innovative approach in the planning phase of the group’s projects, that works as per the Dubai Plan 2021 and UAE Vision 2021.

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Picture Courtesy: www.khaleejtimes.com

Hesham Al Qassim, CEO of Wasl Asset Management, and Bill Hornbuckle, President of MGM Resorts International, together told Sheikh Mohammed in brief regarding various components of the resort which will be consisted of two million square feet of built-up space, involving an MGM Hotel, MGM-branded residence and a Bellagio hotel containing 1,000 rooms and 10 villas. A 500,000 sq. ft theatre will also be a there with a range of restaurants, major beach club, museums and adventure areas for adults and children both.

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Picture Courtesy: elsewhere.nine.com.au

The longest stretch of waterfront will be occupied by the site ever developed in Dubai along the Jumeirah Beach front.

Work is about to start on the project and due for the start in the third quarter of 2017. It will take 4 years to get completed. President of MGM Resorts said that they are excited and honored by the opportunity to introduce their brands in one of the world’s fastest-growing tourist destinations.

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Dubai Marina to witness Miami-Style Residences Revealed by Emaar

One of the largest waterfront developments, global developer Emaar Properties along with defining a new set of lifestyle choices in Dubai Marina, has revealed an outstanding collection of luxury residences that’ll overlook the waters of the Arabian Gulf.

Vida Residences of Dubai Marina offers a unique value proposition and rate worth for their customers with its fascinating and alluring location in Dubai Marina in elegant Miami-style. They will be having assortments of lifestyle and all sorts of amenities and marine pursuits, being a part of the Vida Dubai Marina Hotel, residences, and Yacht Club.

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Picture Courtesy: pallavidean.com

A range of luxuries is shared by the residences with the Vida Hotel, an upscale, contemporary hotel brand which is offering a stylish & chic boutique approach and providing a stimulating atmosphere for a new generation of business executives, entrepreneurs, and travelers. Residents are in close vicinity to Dubai Marina Mall area with a collection of outlets and leisure attractions.

They are walking distance away from the Dubai Metro and Sheikh Zayed Road can also be accessed easily. Residents are only a few steps away from Pier 7 Dubai Marina, which offers seven amazing culinary choices, in addition to the beachfront attractions.

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Picture Courtesy: tourismkit.com

Managing Director of Emaar Properties, Ahmad Al Matrooshi, says that Vida Residences Dubai Marina is going to offer a distinct lifestyle option for residents preferring waterfront living in a central location. Its main focus is on the nautical heritage of Dubai Marina and with it, the homes are ideally suited to first homes for a longer span of stays or as holiday homes, thus alluring both UAE-based investors and international ones.

Dubai Marina is one of the lively and fresh lifestyle locations in the city and new residences would bring exceptional value for customers. Available in levels 14 to 56 to get the maximum views, Vida Residences Dubai Marina consists of only 360 1 to 4 bedroom apartments which take inspiration from Dubai Marina’s nautical legacy.

The architecture is simple & clean with geometric lines, with breeze blocks which allow play of light and shadow all over the interior space. Timber paneling remindful of decking and precise metal detailing gives an additional nautical reference.

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Picture Courtesy: www.jumeirah.com

Beach huts, vintage cars, pastel colored buildings and Miami sunsets stand the inspiration behind the calming color palette offsetting the clean, neutral & fresh hard finishes.Lush vegetation is also an important feature of the interior reference to Miami’s tropical climate.

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Categories: Dubai, Real Estate

Dubai’s Real Estate Market will get a Boost through Expo 2020. Here’s how…

First large-scale international event, Dubai world expo 2020 is going to take place in the Middle East.

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Picture Courtesy: www.wealthinsider.io

Dubai authorities are organizing it in a manner which matches with an international-level event. The six-month long duration of the exhibition will focus largely on trade and innovations from all over the world. UAE, especially Dubai will be transformed into a huge platform, showcasing the best examples of global products through this event. Dubai will also be benefitted in countless ways especially in real estate sector. Other benefits are discussed below:-

Industries

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5 key industries would greatly benefit which are hospitality, transportation, retail, finance, and banking. Dubai’s real estate sector will receive equal attention. Similarly, growth patterns are forecasted for entrepreneurs.

Employment Opportunities

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Around 3 lakh direct jobs will be created by Expo 2020 in UAE. 90 % of the jobs will be created in travel and tourism sector from the year 2018-2021. A standard chartered report reveals that knowledge regarding service industry, infrastructure development, engineering, and architecture will be priced highly by Dubai employers to ensure the preparations for Expo 2020.

Growth of Tourism

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This event is the third largest universal event which acts as powerful and cultural incitement for the host country. Around 25-30 million visitors will be arriving Dubai. The numbers will increase during October 2020 to April 2021. 17 million out of the total tourists visiting Dubai Expo 2020 will be international. Dubai’s hospitality and tourism sector will generate a huge amount of revenue because of this large number of tourist visiting thus, strengthening the economy.

Resurgence of Realty

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The recent report of UAE’s real estate property portal Bayut.com’s reveals that preparations for Expo 2020 will gain full momentum and would catalyst job opportunities, economic prosperity & infrastructure development. The resurgence of business activity is also expected in the sector. Developers have already started or finished with most work on Expo 2020-specific developments. Certain high-profile real estate initiatives are being undertaken within Expo 2020 which includes: Dubai Water Canal, Dubai theme parks, Jewel of the Creek, Museum of the Future, Deira Islands and other projects. All are anticipated to satisfy the needs of locals and international tourists.

As Expo 2020 is arriving near, Dubai is trying to grasp all the advantages that the mega-event will offer. It will also back the government’s plans to develop the emirate’s hospitality, tourism, and prolific real estate industry.

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Reasons Free Zones & Transparency are the Approach to UAE Realty

The approach to attract the foreign investment in real estate sectors of Abu Dhabi is by improving the market transparency and building the free zones.

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Picture Courtesy: ang-mcc.com

With increasing FDI in emirate which stands at 7% from last year, the government is trying to make efforts for improvised standards, opportunities and regulations thus motivating foreign companies & individuals to continue investing locally.

Cityscape Abu Dhabi Conference next month will discuss the support in creating new investment atmosphere. The event will be organized from 18th to 20th April at Abu Dhabi exhibition center.

Dubai has 25 free zones as compared to Abu Dhabi which has five. The idea of free zones needs further development to enhance the residential, commercial and warehouse real estate sectors of the capital.

The free zone concept in Dubai is on the advanced level for redressing the balance between 2 emirates. Abu Dhabi is required to develop it more aggressively and create additional ones for promoting their vision 2030, for it will attract more investment and employment as hubs of same activities gets created which generate a regulatory environment operating under low cost and more freedom.

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Picture Courtesy: realty.economictimes.indiatimes.com

The current market is normal for any real estate industry across the world. It’s perfect time for the buyers looking for a property for long term investment. As the market will mature, the volatility of the sectors will reduce resulting into returns going stable and predictable will attract investors furthermore.

Partnership with the private sector is a guiding force for tourism growth strategy focusing on cultural, leisure and natural offerings. Zonal tourism model is implemented for increased attractions and experiences harmonized with area’s business, natural or geographical assets act as a catalyst for small and medium enterprises between international investors and local entrepreneurs.

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Picture Courtesy: globaltrust.co

The Cityscape Abu Dhabi Conference will disclose the latest performance of each real estate sector for the first quarter of 2017 and discuss the suitable investment opportunities with core industry players. Abu Dhabi’s market has experienced a major upswing in the year 2013-2014 resulting from residential sales with prime prices rising at 25% p.a., the pace being unsustainable.

Cityscape event of Abu Dhabi will offer the perfect platform for investors to find opportunities across all price points in the area, as well as the latest international developments, as more than 130 exhibitors across the world will come together to showcase their latest projects.

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NOOR BANK WITH DAMAC OFFERING HOME FINANCING ON CERTAIN LUXURY RESIDENTIALS

Leading Sharia-compliant bank in the UAE, Noor Bank, has announced its partnership with DAMAC Properties which is one of the top luxury real estate developers in the region, presenting attractive financing choices for some selected residential units.

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Picture Courtesy: www.venturesonsite.com

Under this collaboration, Noor Bank will provide preferential deals for end-user financing to the resident as well as non-resident customers. The bank has also formed a dedicated team for DAMAC’s customers, as part of the agreement, which will make sure of the highest quality of service delivery.

Pawan Dhawan, who is the Head of Home Finance at Noor Bank, says about the partnership that-With this tie up with a renowned regional developer, Noor Bank will once again develop and increase its competitive offering of home financing advice and solutions. This collaboration with DAMAC will allow UAE nationals and emigrant customers to take advantage from some of the most competitive & reasonable prices for high-end residential units in the current market. They both are confident about this bundled proposition that it will attract High Net-worth Individual customers who will benefit from this offering.

The Senior Vice President of DAMAC Properties, Niall McLoughlin, said that in UAE, investors and final customers will keep on finding the property market attractive with high long-term returns as compared to other markets. Real estate industry is one of the core pillars which represent the UAE’s economy given that a considerable extent is driven by the foreign investment.

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Picture Courtesy: covetedition.com

Through institutions like Noor Bank lessening up home finance for end-user residents and also for non-residents searching to purchase property in the UAE, a further boost in the UAE property market and the country’s economy at large can be seen, aiding the emirate to maintain foreign investor’s interest that are an indispensable catalyst for growth of this market.

Noor Bank and DAMAC finished their first joint campaign by promoting favorable home financing solutions, on 4 February at an event exclusively held at the DAMAC Hills Sales Centre in Dubai. In addition with preferential pricing, the bank also offered personalized & customized service, discounts on processing fees, and numerous other perks to the buyers of selected DAMAC luxury residential units. On the other hand, DAMAC offered a remission of up to AED50,000 on the property price, as part of the event.

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Picture Courtesy: menaherald.com

The event is the first out of several which take place throughout the year, as Noor Bank and DAMAC wish to focus on the rising high-net-worth individual niche in the region through attractive home finance offers and discounts.

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Categories: Dubai, Real Estate

Dubai Tops the Choice amidst Extreme Wealthy Cities

Dubai is the only choice among the cities of Middle East for high net worth individuals opting for investment and connectivity as per the annual wealth report of Knight Frank which identifies the cities according to current wealth, connectivity, and investment opportunities. Dubai is placed on 16th rank on these ultra rich cities followed by Seoul and Taipei but remaining ahead of Geneva and Zurich.

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Picture Courtesy: spanishbusinesscouncil.ae

Individuals with $30 million or more in net assets are the ultra high net worth ones.

London is ahead of New York in terms of connectivity and investment while it stands opposite when we talk about current and future wealth. The geographical location and advanced infrastructure with business-friendly destination for the investors from around the world make Dubai popular to live in and develop the wealth.

Dubai will continue to jump in the connectivity rankings with investments pouring into logistics and infrastructure of Emirates airlines, Dubai International & Al Maktoum International Airport. More quality investment stock availability in commercial and alternative sectors like education and healthcare will drive in further investments in the city. Universally, London comes ahead of New York as the most important city for ultra high net worth individuals.

The global economic powerhouse of London and New York, according to global research head of Knight Frank dominates the rankings because of the well-rooted lead over and above other cities. Talking about the future, wealth concentrations and investments will rule by a tussle for supremacy among Asian and North American cities.

The wealth report of this year shows 5 best neighborhoods across the world assured to beat in certain main categories. A notable development in Dubai infrastructure has sealed the south emirate’s flagship urban project with highly foreseen 2 residential communities due for completion in the year 2019.

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Dubai south has the advantage of ongoing government expenditure on infrastructure projects which is the home to the site of Expo 2020. The Al Maktoum International Airport & Dubai Metro’s Red Line’s expansion once completed will be added on to the potential capital value growth in the area.

As per the report, the global ultra-wealthy population increased in 2016, in spite of the economic and political uncertainty. The ultra high net worth individual grew by 6,340 last year taking the total to 193,490, which is also according to the data. This rise reverses the decline of 3% in 2015.

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Dubai Property Show Happening in Shanghai, China this Year

Dubai Property Show took place in Mumbai last December and it was a huge success. Because of the good response that it gathered in other global places like London and Hong Kong, the sixth time, famous Dubai real estate exhibition is happening in Shanghai.

Video Source: dubaipropertyshow

The three-day exhibition event will be organized at the Shanghai World Expo Exhibition and Convention Centre starting from March 24, 2017.

The Dubai Land Department (DLD) and Sumansa Exhibitions have once again come together to promote Dubai as the destination for real estate investment for Chinese investors. According to the DLD, Chinese investors have poured in Dh1.74 billion investment in Dubai real estate market last year and secured its place as among the top 10 investors.

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Increasing interest from the Chinese investors is seen and this is the most opportune time to promote Dubai’s explicit real estate proposition to them. The DLD have always worked on bridging the gap by bringing the exhibitors and buyers face to face through their specialized property exhibitions. They also mentioned that the investors from China prefer earning high rental yields on properties thereby tapping the wide margin for capital appreciation at the place.

The investors are ranged from wealthy entities & private equity funds buying residential units to companies and funds setting up local joint ventures to invest money in property projects.

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Picture Courtesy: azadnewsme.com

The Chinese population in Dubai went up by 53 percent the previous year. Tourism from China to Dubai is growing immensely and rapidly. Dubai welcomes 13 Chinese cities consisting of Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong and Taipei which all are connected to Dubai with more than 100 weekly flights. Property transactions will get boosted up because of the visa on arrival facility for Chinese visitors.

Because of high demand from Chinese investors in Dubai’s Property market, they are taking the Dubai Property Show to Shanghai. Dubai has become a leader in regional, financial, commercial, and tourist hub with advanced infrastructure and the world-class business environment. Their involvement in Dubai Property Show will add to the promotion of the emirate as one of the best investment places in the world, according to the head & A.D- General Majida Ali Rashid, of Investment Management and Promotion Centre which is also the investment arm of DLD.

Much rich Chinese are buying properties abroad in order to diversify their portfolio of investment & they find Dubai appealing because they believe that they can accomplish 30% of returns at least annually which stands more than Hong Kong, Shanghai, and Beijing.

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