Staff Report
IQI, the No. 1 real estate network in Southeast Asia and the Middle East, which sold US$1 billion of property in 2019, is betting big on the Dubai market with the announcement of opening its new Dubai office, its second, to cater to the growing local and international demand for Dubai real estate.
In 2019, IQI completed its successful merger with Juwai.com, combining two Asian real estate super-brands dedicated to empowering residents of that region to become residents of the world. The resulting Juwai IQI is Asia’s biggest proptech group for global properties.
Kashif Ansari, Group CEO of IQI said, “Investors from countries in Asia top the list of foreign buyers of Dubai property. For example, Indians and Chinese, according to official data, invest more than other top buyer groups like the British, Canadians, and Russians.
“Investment from Asia each year accounts for a greater share of total foreign real estate investment. For example, Juwai IQI data shows that Chinese buyers are making nearly triple the number of buyer enquiries today as they did in 2018.
“With our operations across 15 countries, we see that buyers almost everywhere are more excited today about the opportunities available in Dubai than they were one year ago.
“We have been very impressed with the initiatives from the Dubai government. They are having a positive impact on foreign buyer demand, especially the new long-term visa. The government’s strategies align with the 50-year plan for the Emirates and will help the real estate industry make the most of the frenzy leading up to Expo 2020.”
“Dubai’s tourism industry is closely related to the property market. In 2019, Dubai welcomed an all-time high of 16.73 million international overnight visitors. Just as in property investment, the top tourism markets are India —in first place— and China, which is also in the top five.
“We are excited to be expanding in Dubai. We expect the local market to outperform the global trend over the next five years.”
Diana Magariu, Managing Director, IQI Properties – Dubai, who will lead the new Dubai office, said, “We are optimistic about what the next two years will bring for the market. We foresee an increase in Asian buyer demand.
“Dubai offers a good lifestyle, easy access and residency, transparent regulations, easy financing, developer incentives, affordable entry prices, the excitement of Expo 2020, and the prospect of profiting from a recovering real estate market.
“This is a buyer’s market, and there is excess supply, but Asian buyers are beginning to believe that the recovery is coming and that it may be a good time to buy.
“The Dubai government plans to attract more visitors, and we think this will have spill-over effects on real estate investment.
“Dubai is now the World’s Fourth Most Visited City for the fifth year in a row. That’s according to MasterCard’s Global Destination Cities Index 2019.”
The new IQI Properties – Dubai office is located at the Al Zarouni Business Centre in Al Barsha. – abdulbasit@theuaenews.com
