“Homes in Dubai are a third of the price of a typical new build London apartment, and the Emaar offering is outstanding since the brand is renowned for developing high-quality lifestyle communities, rather than simply residential developments,” said Simon Barry, head of new residential developments at Harrods Estates.
“The 2016 sales exhibition with Emaar attracted buyers from London, continental Europe, the Middle East and Asia and we expect this pattern to be replicated in 2017,” he said. “There is no other department store in the world like Harrods, where someone can come in and buy a property.”
Moving to Dubai
Emaar Properties is setting its sight on potential buyers being in London due to the city’s costly living, but Dubai is also facing a real estate slowdown.
Falling real estate prices in the Dubai may continue into 2017, according to a March 2016 report by Cushman & Wakefield Core.
"Market In Minutes: Dubai Residential Market" noted that lower oil prices and a large supply have organically lowered prices, but expectations of falling rates have served as a self-fulfilling prophecy and compounded the drops. After years of economic growth following the end of the great recession, Dubai is experiencing a market slowdown as global regions show signs of volatility.
While likely to rebound, now may be a prime opportunity for real estate investment in Dubai.
“Just as London is the destination city of choice for visitors of Europe, Dubai is the destination of choice for visitors to the Middle East; they are twin world-cities,” said Harrods Estates’ Mr. Barry.
“Dubai offers Londoners a compelling opportunity to invest in the financial capital of the Middle East, a place of stability, with a varied population and one of the most popular destinations for British expatriates in the world,” he said. “Dubai has a diverse economy, well-regulated financial system, strong mortgage market and is expected to grow leading up to the Dubai World Expo in 2020.
“Most important is Dubai’s openness to the world and willingness to attract private investors.”