Middle East property market attracts attention

The Middle East’s property market is continuing to attract attention from investors following a decade of high-level investment in the region.

Projects such as the Princess Tower, which is set to become the world’s tallest building and the modern Al-Salam City show that the region is to continue to hold fresh attractions for investors.

Property developments in the United Arab Emirates (UAE) are leading the field, being described as “ambitious” by some as they will build accommodation, shops and storage facilities in new areas. Omar Ayesh, president of property developers Tameer, said on the AMEinfo website that projects such as Emirates Industrial Area were a “sophisticated and advanced development”.

UAE and other Middle Eastern states are attracting more attention than ever, either through famous projects such as the Palm Island, or through celebrities moving to places like Bahrain.

A “dynamic” real estate market is said to exist in the UAE, making it the highest ranking Middle Eastern nation for investment.

New developments such as Al Salam city are said to have cost $68.2 million and opened up 80 million square feet of space as more development and growth opportunities emerge.

With $300 billion reported to have been spent on new projects in the past decade alone, money is continuing to flow in to develop the Middle East and make it a prime target for investment.

© Adfero Ltd

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