Outbound investment in global real estate (RE) from the Middle East rose by 62% in the first half of 2019, making it the fastest growing region for such investment.
According to figures from real estate advisory firm, Savills, outbound investment from the region reached $8.9 billion in the first six months of the year.
Steven Morgan, chief executive for Savills Middle East said: “Middle East investors are increasingly drawn towards global real estate assets as long-term investments.”
He added: “That interest has translated into a sharp increase in cross-border transactions, particularly into mature global destinations such as Northern Europe and North America.”
The most popular destination for real estate investment remains London despite the volatility around Brexit, which is partly offset by the favourable exchange rate for Middle East investors and the fact that average prime central London prices are currently around 20% lower than five years ago. .
“Middle East investors are already taking advantage of very favourable terms with a view on the medium to long-term fundamentals of the London market,” said Morgan.
Meanwhile, Dubai’s vice president and prime minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, has issued a new law on joint ownership of real estate in Dubai.
It involves the creation of a register for jointly owned properties in the emirate and is designed to boost investment in the sector.
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