Kuwaitis make up 59% of GCC property owners in UAE

Being only 90 minutes’ flight away from Kuwait, Dubai is an ideal location for a second home, or even a primary home, for some Kuwaitis. No wonder, Kuwaitis are one of the biggest investors in Dubai’s real-estate sector, compared to other GCC countries.

According to figures released by International Property Show (IPS) 2015, which will be held from March 30 to April 1, 2015, GCC ownership in the UAE amounted to 11,761 properties in 2012, an increase of 8 per cent over 2011.

In fact, the largest share of the total property ownerships was taken up by Kuwaiti citizens, with a total 6,947 properties by the end of 2012, representing a whopping 59 per cent of the total GCC property ownerships.

Dawood Al Shezawi, CEO, Strategic Marketing and Exhibitions, organizers of IPS 2015, said: “UAE continues to maintain its lead position as a hot property destination among GCC countries since 2008. In 2011, investors from Kuwait account for nearly 60 per cent of all properties purchased by GCC nationals in the emirate of Dubai, according to figures from the UAE Ministry of Finance.

The picture is still the same and the Kuwaiti investors and purchasers remain the biggest chunk of buyers in the UAE property market.”

Dubai's real estate market is now more stable and sustainable, which had improved confidence mainly among GCC investors. “The UAE and Kuwaiti construction sectors are linked in several ways, being two leading markets in the Middle East region,” said Al Shezawi.

IPS has registered to-date participations of 300 exhibitors from 120 countries, reflecting an increase by 33.3% compared to the previous edition.

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