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January week 2

Luxury properties buoy realty market by attracting high net worth clients with significant investment returns

-Al Mazaya Report: Current volatile economic conditions spur investments in more stable assets over the mid-to-long term

-Depreciation of Sterling and Lira incentivizes property ownership in London and Istanbul 

Luxury real estate products have proven to be an influential tool in stimulating demand and maintaining good price levels for all types of properties.

Real estate markets with growing financial and economic mobility and a large supply of luxury real estate products will remain at the forefront, according to Al Mazaya Holding's weekly real estate report.

These markets will maintain investment momentum and will continue to attract more millionaires this year, given the levels of well-being targeted by capital holders and large-scale investors, which means they will maintain growing asset values with good returns.

Despite the ebb and flow in the economic status around the world, many economies remain highly attractive, with their sectors able to create good conditions for increasing demand on durable assets while stimulating other sectors in a way that positively reflects on the rest of economic platforms.

Such an ability is conducive to efficiently addressing market fluctuations in a manner that enables smaller economies to provide good investment environments and create potential investment opportunities in 2019.

With regards to the UAE, Al Mazaya believes that targeting celebrities, intellectuals and wealthy segments of society from around the world is the basis of the UAE transformational development drive  where the growing focus is laid on attracting the cream of the cream from all over the world to live and do business in the country.

Such a trend ensures an enviable position for Dubai on top of the list of the best cities in the world, where the emirate remains among the top five destinations favoured by the wealthy to live and stay.

The Emirate of Abu Dhabi is not lagging behind, being ranked among the best cities to work, stay and do business, a status that has been instrumental in boosting demand for real estate products that meet the wishes and aspirations of this segment of society. Recent statistics indicate that more than 33,000 of foreign millionaires bought a second property in the emirate of Dubai in a clear indication of the emirate's competitive edge and the effective role wealthy categories can play in influencing prevailing prices and the pace of real estate activity as a whole.

With regards to Britain, Al Mazaya Holding's real estate report says that British properties often attract many of the world's wealthiest. The real estate market is often affected by the demand for luxury properties, which in turn influence the prices of lower real estate products.

The British real estate market is considered the most important investment destinations for Middle East investors, including sovereign funds, companies, commercial funds, and individuals, with investments being focused on commercial and administrative units. Statistics indicate that Middle East investors have more than 24 million square feet of commercial property in London, with Middle East investments estimated at the US $ 4.6 billion, considering that depreciation against US dollar has had a notable impact on accelerating investments in the British housing market.

With regards to Turkey, the Mazaya report points out that the Turkish real estate market is equally important in attracting foreign investors, especially the wealthy ones, despite the fact that prices remain accessible to middle-class foreign buyers. However, the diversity of luxury unity and their good investment returns, with a large proportion of ready-made real estate products being suitable only for the rich are other factors that stimulate demand for this type of housing. In addition, luxurious designs, quality construction material, good investment returns and high annual gross output rate of up to 5%, are all significant factors behind attracting a large number of wealthy people from the Middle East and the entire world to buy luxury villas and houses in Turkey, considering the fact that the depreciation of the local currency rates has buoyed the real estate market, which is now recording continuous rises of not less than 19% per annum, particularly luxury units, such as tourist villas.

Demand for luxury products in the region's markets in particular has played a key role in maintaining good price levels for all real estate products and has enabled the market to maintain attractive and durable demand as long as there are products that are able to resist pressures and market fluctuations, affirmed the report.

In 2019, the demand for these products will increase locally and internationally thanks to their ability to maintain investment value and generate good returns under volatile economic conditions, concluded the report.