Chinese real estate developers are racing to buy overseas properties in Dubai. Khaleej Times reports that China stands as one of Dubai’s seventh biggest real estate investors in 2015 contributing at least $460 million to Dubai’s total real estate investments.
The stunning Marina district at sunset
Dubai investors are clearly aware of the Chinese presence in their market and have included Chinese businessmen in their target market. For instance, Nakheel’s huge trading hub Dragon Mart, which opened its doors on 2004, caters to various Chinese products and overseas property buying. It is by far the largest Chinese trading hub outside China. Nakheel is also currently looking to further expand Dragon Mart. The 1.2 kilometre-long complex still isn’t enough to hold all the Chinese businesses that want to be put up.
On the other hand, Dubai real estate developer DAMAC Properties also partnered with China’s real estate market giant Qfang last November 20, 2015 to widen the scope of their market in overseas properties. DAMAC’s saw huge potential in this partnership. Its managing director, Ziad El Chaar, said “We are delighted to start this cooperation with Qfang that represents one of the most effective real estate sales agencies in China and specificall in the Southern districts”.
Meanwhile, Deyaar, one of Dubai’s top real estate developers, is also seeking investors from China and all over Asia. They are currently marketing their flagship project: Millennium Deyaar Atria Residences, a luxury overseas property investment, that’s set to be completed by Q4 of 2017. The luxury Dubai condo rests at the centre of Business Bay, near Burj Khalifa and Dubai Mall.
Millennium Deyaar Atria Residences exterior | Photo courtesy: Deyaar
Chinese investors continue to chase down the seemingly endless investment opportunities from Dubai developers. Khaleej Times presumes it might be because of the slight real estate market downturn in China, or perhaps the evidently profitable investments available in Dubai.