Despite a downward trend in property prices, sentiments in Dubai’s real estate sector are high owing to the recent developments in UAE-Israel relationships and pent-up demand over the last few months leading to an uptick in sales. The historic UAE-Israel peace deal was signed in Washington yesterday and this will play a positive role in attracting investments in real estate, say industry experts.
Despite a downward trend in property prices, sentiments in Dubai’s real estate sector are high owing to the recent developments in UAE-Israel relationships and pent-up demand over the last few months leading to an uptick in sales. The historic UAE-Israel peace deal was signed in Washington yesterday and this will play a positive role in attracting investments in real estate, say industry experts.
This amazing coalition will connect the most prolific investment community with the finest investment platform, says Atif Rahman, partner and director of Danube Properties. “The UAE is one of the safest and most inclusive societies with a track record of tolerance. This helps businesses to thrive and grow. Excellent infrastructure, strong regulatory framework, immigration reforms, trade liberalisation, geographical advantage further boost the UAE advantage. These together create safe and high-yield investment opportunities. We are proud of the historical peace treaty, it will commence a new era of stability for the entire Arab world,’ says Rahman.
Talking about UAE-Israel synergies, Andrew Cummings, co-founder and managing director of luxuryproperty.com says the two countries have a dynamic economy and a technology-first approach to development. “The UAE offers an excellent opportunity for Israeli investors looking to diversify their real estate holdings and achieve a good rate of return. The close geographic proximity will also be appealing and compared to many international cities such as London and New York, the shekel will stretch much further in the UAE,” he explains.
Two weeks ago, the first Israeli commercial flight landed in Abu Dhabi from Tel Aviv carrying a large delegation of Israeli officials and media and the message of hope and peace. Elaine Jones, executive chairman of Asteco Property Management says the possibility of an “increase in our potential investor base is welcomed, most particularly at this time.” Where Israel investors buying property in Dubai are concerned, Jones says registration of property by any nationality needs to be first approved by DLD. “We expect a clear directive from them shortly,” she says.
Kosher-compliant properties
Dubai’s IBC Group has already received expressions of interest from a 54,000 person strong group of Israeli investors. Khurram Shroff, chairman of the IBC Group, says he is ready to promote exclusive and kosher-compliant portfolio offerings to investors from Israel in collaboration with its Switzerland based international partner Smiling House. “There is potential for a tremendous amount of interaction between the two nations. Israelis have invested in real estate all over the world, and the UAE market is sure to benefit from this interest.”
To service the large contingent of potential tourists, partners and investors, which the agreement between the two nations has opened the doors to, the IBC Group is also planning to open an office in Israel. “We are planning to hire Hebrew speaking professionals, well versed in Israeli markets and the specific needs of customers from the region, to address this influx of travellers and investors,” says Shroff.
According to Shroff, Israeli nationals buy bigger and more private homes than many other nationalities. “We are making all arrangements in our holiday homes to ensure that our Israeli guests are comfortable during Shabbat. This will include electric connections for hot plates, constantly boiled hot water in large non-electric canisters, automated elevators that don’t require manual intervention, Kosher gold cutlery and much more. In fact, a Kosher compliant stay can be more easily facilitated in a holiday home, rather than a hotel because guests are often unable to press a button for services. Israeli travellers and investors are likely to look with interest, at UAE based holiday homes,” he explains.
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