Dubai is the new Portugal for Chinese property investors, lured by golden visas, improving infrastructure, agents say
- Property agents see significant uptick in interest in Dubai homes and offices from Hong Kong and mainland China
- A ‘golden visa’ residency programme and government’s efforts to boost the city’s attractiveness have lifted property demand
Dubai is shaping up to be a new favourite for property investors from mainland China and Hong Kong, thanks to its booming real estate market and fast-track residency scheme, according to agents.
After setting their sights for years on Portugal, buyers are now shifting their focus to the glitzy United Arab Emirates (UAE) city, home to about a quarter-million Chinese nationals and a Chinatown that opened last year.
“We have seen a huge increase in demand for Dubai,” said Mark Elliott, senior director and head of international residential at Savills in Hong Kong. “Dubai has essentially replaced the interest in mainland Europe, specifically Portugal and Berlin, where demand has fallen.”
Savills is seeing about 250 inquiries a month on Dubai property from Hong Kong this year, as much as what it used to receive in a year, Elliott added.
The sizzling demand for residential property in Dubai is reflected in its surging home prices, which soared 70 per cent last year, according to Andrew Cummings, head of Middle East residential property at Savills. The consultancy forecasts a 7 per cent growth this year.
