A leading consultant has said the Gulf property market remains a strong proposition for property investors looking to escape volatile markets elsewhere in the world.
DTZ warned the credit crunch has not yet eased but added the Gulf regions would escape the more striking effects of what may still be to come. The advice follows the publication of the firm’s annual Money into Property report, which looks at global property trends.
The report revealed that the value of the real estate capital market reached US$12 trillion (£6 trillion) in 2007, up 18 per cent on the previous year. However, it also showed global direct property transactions were down some 50 per cent in first three months of 2008, compared to the same period last year.
DTZ Middle East operations managing director Robin Williamson said:
“Based both on our research and our on-the-ground experience of dealing extensively across the Gulf markets, we have seen strong indications that the regional property markets are much less likely to succumb to these global trends.
“Indeed, we are planning to expand our operations in the region to take advantage of the strength of the local property sector.”
DTZ has a presence in six Gulf locations including Dubai and Saudi Arabia and is currently undergoing “aggressive expansion” across the region to match its growing client list.
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