Jun 12, 2019 (China Knowledge) - Dubai is looking to attract wealthy Chinese investors into its property market by offering long-term residence visas and retirement options to these investors as the city looks to shore up its slumping property prices.
The new measures will allow those who invest AED 5 million (USD 1.36 million) in property; having a monthly income of at least AED 20,000; or have more than AED 1 million in capital to secure long-term visas.
This year, the city aims to attract more Chinese investors into buying property in the city, targeting AED 1 billion worth of investments this year. To this end, the Dubai Land Department which promotes investment in the city, has opened two offices in Beijing and Shanghai over the past 2 years and plans to open another office in Shenzhen to provide greater access to Chinese investors.
Dubai is currently the world’s least expensive ultra-prime market with an average price of USD 625 per square foot which is just 15% of the average price in Hong Kong, presenting the city as a potentially attractive investment.
During the first quarter of this year, average flat prices have fallen by 3% in Dubai from the fourth quarter last year while villa prices have fallen by 1%.
Despite this, the rental market in the city remains resilient due to the city’s position as a base of operations for foreign companies operating in the region and a large, growing expatriate community in the city.
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