middle east private capital survey 2016

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MIDDLE EAST
PRIVATE CAPITAL
SURVEY 2016
Part 2
2
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Introduction
Cluttons’ Middle East Private Capital Survey, carried out in
partnership with YouGov, investigates investment trends
and behaviour of the Gulf states’ high net worth individuals
(HNWI) in order to gain a meaningful understanding of their
global and regional investment intentions.
Effectively tracking global private investment activity is
challenging. This study addresses the issue by surveying HNWI
across the Gulf Cooperation Council (GCC) states of Bahrain,
Oman, the United Arab Emirates (UAE) and the rest of the GCC
(Kuwait, Qatar and Saudi Arabia) to gauge sentiment, rather
than deal activity. The survey was conducted among HNWI
who either currently have, or intend in the future to make, an
investment of USD 1 million or more in international property.
The results of the study reflect the combined views,
investment activity and intentions of 127 HNWI: 34 in the
UAE, 30 in Oman, 33 in Bahrain and 30 across the rest of the
GCC. Together the GCC states represent a significant source of
global capital outflows.
In this second paper as part of our Middle East Private Capital
Survey report series, we will specifically be examining the
locations within the Middle East that GCC HNWI are intending
to target for property investments during 2016.
The report considers the drivers of these investors’ intentions
as an indicator of future trends in international capital
allocation, both geographically and at a sector level. There is a
particular focus on investor appetite for real estate investment
in Dubai, but we also investigate which other Middle East
locations are competing for investment capital.
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Economic backdrop
As we reported in the first part of our 2016 Middle East Private Capital Report series,
the global economic environment appears to be increasingly vulnerable. Disappointing
economic data from China and the EU, in addition to instability within the EU and the
collapse in oil prices, top the list of headwinds hindering global growth.
Previous editions of our survey have suggested that economic conditions play a central
role in influencing the investment behaviour of HNWI. In fact, results from our last
International Private Capital Survey hinted at regional locations around the world playing
a central role as property investment magnets for indigenous HNWI. In this report we
will seek to examine this theme further using the results of our 2016 HNWI survey from
across the GCC.
For the Gulf states as a whole, the oil prices collapse that began in mid-2014 has
certainly put budgets under pressure and has also triggered a series of macro policy
amendments, aimed at tackling the projected budget shortfalls as a result of diminished
oil revenues. Chief of these has been the phasing out of energy subsidies, which has seen
the deregulation of fuel prices and the rise in utility tariffs across the GCC. While this
may not impact household budgets in the Gulf for now, once crude oil prices start to
stage a comeback, there will be a clear squeeze on household finances.
Furthermore, with a new value added tax (VAT) being rolled out across the region, as well
as ongoing debates about additional taxes, there is a distinct sense of urgency to diversify
state incomes and develop sustainable growth programmes. This will likely raise the cost
of living across the Gulf in the medium term.
$ per litre
Fuel prices per litre
1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Saudi
Arabia
Kuwait
UAE
Qatar
Bahrain
Oman
UK
USA
World
Source: globalpetrolprices.com
There has also been anecdotal evidence to suggest that public sector spending levels in
the Gulf have been curtailed as a result of the weak global economic outlook and fall in
oil prices. This has obvious ramifications for the level of business activity in the region,
which is continuing to slow. The IMF forecasts GCC economic growth to reach 3.1% this
year (October 2015), below the downwardly revised 3.4% now forecast for the global
economy as a whole.
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GCC economic growth forecasts
Forecast
25
20
15
10
5
0
-5
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
-10
2000
GDP % change, constant prices
30
World
Source: IMF
Real estate investment
still high on the agenda
The appetite for global real estate investments by our HNWI sample did not seem to be
dented by the global and regional economic slowdown. In fact, the majority (63%) of
HNWI investors we spoke to report that they are likely to invest in their most preferred
real estate investment location during 2016, with one in four saying that they are ‘very
likely’ to invest.
A quarter of investors say that they are unlikely to invest in their preferred location in
2016, while one in ten (9%) are unsure whether or not they will invest.
Likelihood of global property investment by GCC-based HNWI
63%
27%
Of investors are likely to invest in
their preferred location in 2016
Of investors are unlikely to invest
in their preferred location in 2016
Manama
43%
21%
23%
Muscat
Other GCC
9%
9%
40%
10%
40%
20%
0%
24%
Somewhat likely
16%
42%
41%
Very likely
17%
14%
24%
17%
14%
Somewhat unlikely
9%
10%
3%
10%
10%
80%
18%
10%
60%
UAE
37%
Very unlikely
100%
26%
All GCC
Not sure
Source: Cluttons, YouGov
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Interestingly, the likelihood of investing
in their top global pick was lowest among
UAE based HNWI, with just 18% claiming
that they would be ‘very likely’ to invest
in international property this year. For the
rest of the GCC HNWI (based in Kuwait,
Saudi Arabia and Qatar), the likelihood
of investing in a location outside their
countries was significantly higher at 41%,
perhaps reflecting a stronger need or desire
to secure income streams outside their
home markets.
The UAE government has arguably been
amongst the most proactive in the GCC
and was the first country in the Gulf
to remove fuel subsidies and begin a
programme to shrink the USD 106 billion
annual energy subsidy budget (IMF).
Furthermore, while oil is a significant
contributor to the UAE’s overall growth,
the dependence amongst the seven
member emirates varies greatly, with oil
accounting for roughly half of Abu Dhabi’s
GDP, while this figure is significantly lower
at 4% to 5% in Dubai.
The region as a whole remains very
sentiment driven and while business
confidence levels have dipped across the
Gulf, confidence and sentiment boosting
measures in the UAE continue to be rolled
out by the government. For example,
the ongoing and virtually continuous
investment in large scale infrastructure
projects such as the second phase of the
USD 32 billion Al Maktoum International
Airport, the development of a third line on
the Dubai Metro network, Route 2020, and
the USD 1.6 billion expansion of Jebel Ali
Port are all helping to sustain confidence in
the market, which may make the desire for
a global property investment less urgent.
This is reflected in the fact that almost a
third (31%) of UAE HNWI in our sample
named the country’s three largest cities
– Dubai, Abu Dhabi and Sharjah – as their
three most preferred investment locations
in the Middle East.
That said, there is anecdotal evidence to
suggest that even Dubai, which has thus
far remained resilient to the oil price fall
out, has begun to see redundancies in the
finance and banking sector, a key pillar in
the emirate’s economy. It is still too early
to assess how this may impact capital
outflow rates.
For now, 61% of our GCC HNWI sample
have indicated that they are expecting to
spend over USD 1 million on an individual
property outside their city of residence
during 2016, with a further 18% claiming
that they would be looking to invest at
least USD 1.5 million in an international
property asset.
GCC HNWI spending budgets for 2016
All property valued
Muscat
UAE
Other GCC
Under $500k
7%
6%
7%
3%
13%
$500k+
9%
6%
7%
12%
10%
$750k+
8%
$1m+
61%
$1.5m+
$2m+
13%
4%
9%
7%
6%
10%
67%
73%
54%
50%
15%
7%
17%
13%
-
-
11%
7%
$3m+
1%
-
-
-
3%
None of
the above
2%
-
-
3%
3%
Source: Cluttons, YouGov
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Manama
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UAE cities dominate top GCC
investment picks
Unsurprisingly perhaps, Dubai has emerged as the most preferred location for real
estate investment in the Middle East during 2016 by our GCC HNWI sample. Together,
Dubai, Abu Dhabi, the UAE capital and Sharjah, the third largest city in the UAE, are by
far the most popular investment locations within the GCC region.
Dubai features strongly as the number one regional choice for 14% of investors and is
named amongst 27% of investors’ top three preferred locations.
Abu Dhabi, the Emirati capital, follows Dubai in second place (22%) and then Sharjah
(8%), making the three Emirati cities the most popular locations within the GCC.
Most preferred investment locations in the GCC
1st
Dubai
2nd
Abu Dhabi
3rd
Sharjah
14%
9%
4%
1%
9%
5%
3%
3%
3%
Doha
Kuwait City
8%
2% 1%
Riyadh 1% 3%
Muscat 1%1%1%
1%
0%
Most preferred
2nd preferred
5%
10%
15%
20%
25%
3rd preferred
Source: Cluttons, YouGov
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Why Dubai?
As we previously revealed, regional hubs
around the world were playing catch up to
top tier investment hubs such as London.
Dubai’s strong ranking as a Middle East
investment magnet suggests that this
trend is gaining traction as the market
matures and more investment grade assets
materialise.
This variation in yields is very much
dependent on covernant strengths and
the calibre of the occupier. Increasingly,
global blue chip corporates are taking up
office space in Dubai and are looking at
longer lease lengths, which is helping to
grow the pool of internationally attractive
investment grade assests.
Dubai’s attraction stems from its ability to
offer a world class business environment and
infrastructure that is unmatched anywhere
else in the Middle East. Furthermore, the
lifestyle available in Dubai through second
home ownership is unrivalled in the region,
which is a particularly big pull factor for
Middle East investors.
In our survey HNWI sample, across all
asset classes, the majority of respondents
claimed they were unsure of which specific
area in Dubai they would target for an
investment. However, for those who did
name specific locations for residential
investment, The Springs and Bur Dubai
were the most mentioned areas, followed
by Deira, Jumeirah Islands and Jumeirah
Village.
The variety of investment options
available in Dubai ranges from low-end,
high yielding residential units in peripheral
schemes such as International City and
Discovery Gardens, to more sophisticated
investment options in the office market,
where yields can range from 6.5% to 9%.
There is also the increasingly popular asset
class of worker accommodation, which can
offer yields of between 10% and 20%.
For the office asset class, Deira and
Downtown Dubai are most popular, with
Bur Dubai and Business Bay coming in
joint second. For retail/hotel and industrial
assets, no particular location stood out
during our survey.
Most popular investment locations in Dubai
Office
(n=24)
Residential
(n=25)
Retail/Hotel
(n=16)
The Springs
4
Deira
6
Al Quoz
1
Bur Dubai
1
Bur Dubai
4
Downtown Dubai
6
JAFZA
1
Deira
1
Deira
3
Bur Dubai
4
Don’t know
6
Discovery Gardens
1
Jumeirah Islands
3
Business Bay
4
Downtown Dubai
1
Jumeirah Village
3
Barsha
2
Dubai Marina
1
The Meadows
2
Dubai Silicon Oasis
2
Dubai South / Dubai
World Central
1
Arabian Ranches
2
JLT
1
Dubailand
1
Dubailand
1
Don’t know
9
Jumeirah Lake Towers
1
Victory Heights
1
Jumeirah Park
1
The Green Community 1
(DIP)
Motor City
1
Jumeirah Park
1
The Palm Jumeirah
1
Downtown Dubai
1
Old Souq
1
The Palm
1
Don’t know
11
Don’t know
8
Source: Cluttons, YouGov
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Industrial
(n=8)
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Dubai’s top preferred residential and
office investment locations
83K
115K
Lower limit rents pa (AED)
(two-bedroom properties)
102K
Lower limit rents pa (AED)
(two-bedroom properties)
135K
Upper limit rents pa (AED)
(two-bedroom properties)
8.08.5%
Upper limit rents pa (AED)
(two-bedroom properties)
5.56.0%
Yields – full buildings
Yields
Bur Dubai
The Springs
Downtown
Dubai
120
200
7.07.5%
PSF
Lower limit rents (AED)
PSF
Upper limit rents (AED)
Office markets
Deira
60
120
8.59.0%
PSF
Lower limit rents (AED)
PSF
Upper limit rents (AED)
Yields – full buildings
Yields – full buildings
Residential markets
Source: Cluttons, Dubai Land Department
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State of Dubai’s residential market
Dubai’s residential market is still trailing its
2008 peak by about 20%, despite record
growth in values during 2013 (51%),
which was primarily fuelled by the city’s
winning of the hosting rights for the World
Expo in 2020.
Following the 2008/2009 market
correction, which saw values fall by
49.7% on average across the city and the
subsequent recovery, which was hinged
on stronger than anticipated economic
growth and the dissipation of speculative
activity, the market has stabilised to a
great extent.
This has of course been underpinned by
the doubling of property registration
fees from 2% to 4%, while at a federal
level, the introduction of mortgage caps
on borrowing amounts have together
curbed activity in the market. At the same
time, the global economic outlook has
deteriorated, while questions around a
potential supply-demand imbalance and
the lack of affordable housing options in
Dubai have dominated headlines recently.
the contribution to overall economic
activity from this segment remains small.
However, growing anecdotal evidence
of job losses in the finance and banking
sector is something we are monitoring
closely as this is one of the city’s core
pillars of growth and has historically been
a significant and critical contributor to
job creation rates. A fall in the number of
new jobs being created by this important
business segment has clear consequences
for demand levels in the residential sales
and leasing markets.
We still expect
residential values
to continue dipping
across the city, with
average falls in the
region of 5% likely
during 2016.
That said, infrastructure commitments
linked to the World Expo are yet to
materialise. A 2013 Standard Chartered
report suggested that some 300,000 new
jobs are likely to be created in the UAE
between 2018 and 2021, directly as a
result of Expo 2020 and the economy is
yet to feel the benefits of this. The vast
majority of new jobs are expected to be
in Dubai, which should help to offset any
slowdown elsewhere in the economy.
For now however, we still expect residential
values to continue dipping across the city,
with average falls in the region of 5% likely
during 2016 as affordability constraints and
a general liquidity crunch hinder deal activity.
There will of course be some submarkets
where residential values outperform,
particularly areas perceived to be more
affordable, or those where there is a genuine
demand-supply imbalance.
Furthermore, Dubai Municipality reckons
that the population will reach five million
by 2030, which represents a doubling in
current levels. This tends to suggest that
residential absorption rates should continue
to be relatively healthy and that supply and
demand should remain fairly well matched
in the medium to long term.
And for a property market that is
effectively just 14 years old, sentiment
plays a large part in influencing purchasing
decisions. While the contraction of the
global oil and gas sector has also seen a
number of redundancies in the emirate,
Performance of residential values in key locations across Dubai
3,500
3,000
2,500
AED psf
2,000
1,500
1,000
500
The Springs
Jumeirah Island (Villas)
Dubai Marina (High end apartments)
Source: Cluttons
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The Palm Jumeirah (Frond Villas)
Business Bay (High End Apartments)
The Palm Jumeirah (High end apartments)
Downtown Dubai
Q4 2015
Q1 2015
Q4 2014
Q1 2014
Q4 2013
Q1 2013
Q4 2012
Q1 2012
Q4 2011
Q1 2011
Q4 2010
Q1 2010
0
Looking specifically at the freehold villa
market, values are expected to remain in a
state of contraction, primarily because of
affordability issues. As a result, we expect to
see villa values decline by between 5% and
10% this year across the board.
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Dubai’s commercial market appeal
Despite a number of obstacles to
economic growth, the office market
in Dubai remains attractive for both
occupiers and investors. Throughout 2015,
office rents within most of the main
submarkets in the city remained stable.
Some areas witnessed an increase in rents,
most notably, newly established locations
with free-zone licensed areas such as
Dubai Design District (D3). D3, which
also offers Dubai Economic Department
licensing, is designed to cater to the city’s
emergent fashion and design industry. This
submarket saw rents rise by a meteoric
67% for free-zone licensed space and by
44% for non-free-zone space.
in JLT falling by 13%, while upper limit rents
fell by 10% during 2015 as landlords in the
scheme undercut one another in order to
entice demand.
This sharp increase was due to favourable
pre-lease terms being offerred to initial
occupiers and these have gradually faded,
with quarterly rental growth now stabilising.
Occupiers however, remain very cost
conscious. This is fuelling a growing trickle of
budget-driven occupiers targeting areas they
perceive to offer better value for money.
Developers are continuing to rush to cater
to the high levels of demand for free-zone
space, with established locations such as
Dubai Internet City expanding, while the
new Dubai Trade Centre District is the latest
free-zone to be launched and has one of the
highest quoting entry rental levels in the city
at AED 190 psf.
As a result, we are seeing occupiers
swapping locations in Deira and Bur Dubai,
for submarkets such as Business Bay, which
investors are able to access, unlike free
A couple of submarkets, such as Sheikh
Zayed Road and Jumeirah Lake Towers
(JLT), have seen entry level rents fall
over the last 12-18 months. JLT remains
oversupplied, predominantly with Grade
B space and as even more stock enters
the market, rents here are likely to come
under further pressure. The recent upturn in
handovers at Mazaya Business Avenue has,
for instance, resulted in starting level rents
Away from JLT, historic districts along
Dubai Creek, such as Bur Dubai, Deira and
Garhoud, remain hubs for local businesses
and are unsurprisingly among the top
office market locations being targeted by
our HNWI sample this year. Over 2015,
the continued popularity of locations in
Old Dubai was demonstrated in the 20%
rise, to AED 60 psf, in lower limit rents
in Bur Dubai, while upper limit rents in
Garhoud rose by 16% to AED 80 psf.
zones, which remain under government,
or quasi government, management
structures. Business Bay offers occupiers
more modern space than is available in
Deira and Bur Dubai and is also arguably
more centrally located, so it is unsurprising
to see Business Bay emerge as the second
most preferred office investment location
in Dubai in our HNWI sample.
Tracking HNWI investments is challenging,
but the appeal of locations identified by
our survey is echoed at an institutional
level as well. This is, for instance, reflected
in the Kuwait Investment Authority’s
(KIA) purchase of the Standard Chartered
tower in Downtown Dubai in January. This
13-storey prime office building sold for
AED 650 million, with a yield of around
6.5%. KIA is one of the world’s largest
sovereign wealth funds and holds USD 592
billion worth of assets globally (Sovereign
Wealth Fund Institute).
Performance of top preferred office submarkets in Dubai in Q4 2015 (AED psf)
Lower limit
rents
12 month %
change
Upper limit
rents
12 month %
change
Deira
60
0%
120
0%
Bur Dubai
60
20%
140
-7%
Downtown Dubai
120
0%
200
-13%
Business Bay
70
0%
140
0%
Al Barsha
65
0%
110
10%
Dubai Silicon Oasis
45
0%
140
56%
Source: Cluttons
Tracking HNWI investments is challenging, but the appeal of
office investment locations identified by our survey is echoed at
an institutional level as well.
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Dubai real estate transactions in 2015
GCC states
UAE
Saudi Arabia
9,569
Kuwait
3,568
Qatar
2,797
Oman
1,283
Bahrain
997
Other Arab states
3,511
Jordan
Egypt
2,553
Lebanon
2,531
Iraq
2,059
Yemen
975
South Sudan
817
Palestine
576
Libya
474
Algeria
458
Others
AED millions
Source: Dubai Land Department
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20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2,948
GCC investors top Dubai
property buyers’ league table
According to data from the Dubai Land Department, GCC
nationals were the largest investors in Dubai real estate in 2015,
with a total of AED 44 billion being committed over the course
of the year. Emiratis accounted for over half of this investment,
with AED 26 billion worth of transactions.
26,038
The next biggest GCC investor group was Saudi Arabia, which
contributed AED 9 billion to Dubai real estate over the course
of 2015. Behind Saudi Arabia was Kuwait, with AED 3 billion of
investment, followed by Qatar, Oman and Bahrain, who made up
the remaining contribution. The strength of GCC investment into
Dubai real estate over 2015 demonstrates the continued desirability
of the emirate as an investment location and arguably the most
sought after investment destination in the region.
Freehold vs. non-freehold
property
Interestingly, almost two-thirds (63%) of HNWI respondents
planning to invest in Dubai are likely to invest in freehold property
only, and a third are likely to invest in either freehold or nonfreehold property.
This preference is likely linked to the fact that non-GCC nationals
are limited to freehold investment locations, which comprise
predominantly of areas in New Dubai and Downtown Dubai and
some of its surrounding areas, whereas non-freehold options are
confined to Old Dubai, Al Barsha, Jumeirah, Umm Suqeim, etc.
HNWI property ownership preferences for assets in Dubai
3%
28%
63%
26,000
24,000
22,000
34%
Freehold property
Non-freehold property
Either freehold or non-freehold property
Don’t know
Source: Cluttons, YouGov
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Istanbul emerges as top non-GCC pick
Including locations in the wider Middle East and North Africa region, Dubai and Abu Dhabi
remain the main investment locations of choice. Istanbul however, comes in third, while
Antalya and Turkey, in particular, were also mentioned by a number of our HNWI respondents.
Aside from the close cultural links to the Gulf, the Turkish government amended its property
ownership laws in 2012, easing access to its property market by international buyers. The
maximum size of an overseas property investment was also raised from 2.5 hectares to 60
hectares. This has in part helped to raise Turkey’s investment profile in the Gulf.
Turkey’s Land Registry has reported that of the 54,000 property transactions over the
last three years, just 2% has been to the international investment community. However
this appears to have reached a turning point with almost 30% of all transactions in 2015
being linked to GCC based investors. UAE based investors have been particularly active,
with 332 transactions registered to Emirati buyers in 2015.
Most preferred property investment locations in the MENA region
1st
Dubai
2nd
Abu Dhabi
3rd
Istanbul
14%
8%
9%
4%
Sharjah
4%
9%
5%
3%
3% 1%
1%
3%
Riyadh 1% 3%
Turkey 1% 2% 1%
Doha
Kuwait City
3%
2% 1%
Muscat 1%1%1%
Morocco 1%
Tehran 1%
Antalya 1%
Lebanon 1%
Marrakech 1%
0%
Most preferred
2nd preferred
Source: Cluttons, YouGov
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5%
3rd preferred
10%
15%
20%
25%
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Drawing conclusions for UAE
HNWI regional investment
Dubai has predictably emerged as the Middle East’s leading
investment magnet for our HNWI sample, with over a quarter
(27%) naming the emirate in their top three regional investment
destinations. It is clear from the league table of target cities that
the UAE is a stand out property investment target for GCC-based
HNWI. This is in part due to the political stability offered by the
emirates, in addition to the wide variety of investment options
available to GCC investors, not just in Dubai, but across the rest of
the country as well.
Sharjah is perceived to offer a more family friendly lifestyle when
compared to Dubai and its close links to its Islamic heritage
means it chimes well with Middle East based investors. In addition,
property values in Sharjah are approximately a third of what they
are in Dubai, which has helped to drive up investment activity
in the emirate. For instance, at the start of the Syrian civil war,
we saw a flight of capital from the wider Levant region targeting
Sharjah, with buy-to-let residential properties in central areas of
Sharjah being a particular favourite.
In Abu Dhabi for instance, while the residential market is relatively
small compared to that of Dubai, we have in the past seen investors
being drawn in by the lower prices when compared to Dubai. The
price points for certain types of property are lower than comparable
options in Dubai, which gives those who have been priced out of the
Dubai market a chance to invest in similar stock. On Saadiyat Island
for instance, where average values for sea view villas currently sit at
circa AED 2,250 psf, the best comparable Dubai equivalent would be
villas on the Palm Jumeirah, which are considerably more expensive
at AED 2,860 psf. The differential is of course in part linked to the
quality of lifestyle on offer in Dubai, which is arguably the most
cosmopolitan in the region.
The importance that regional investment safe havens, such as the
UAE and Dubai in particular, play in HNWI investment strategies
is clear as evidenced by the outcome of our survey. While global
locations such as London and New York will always have their
place, the rise of Dubai’s property market over the past 14 years
has captured the attention of the region’s wealthy. And despite
challenges to the UAE’s economic growth in the short term due to
the global headwinds to growth, Dubai’s appeal does not appear
to have been dented.
Further afield in Sharjah, the emirate’s recent economic
diversification efforts have seen the emergence of its first master
planned communities, which have been very well received by the
local and international investment community. Sharjah has long
been viewed as the more affordable alternative to Dubai. However,
with the centre of the city quite tightly packed and infrastructure
still playing catch up, the government and a handful of developers
have recognised the need to grow the city beyond its current
boundaries, which has coincided with a rise in demand for gated
community living. This has given rise to schemes such as Al Zahia
and Tilal City, which are the emirate’s answer to Dubai’s suburban
villa communities. At Tilal City, more than 1,800 plots of land have
been made available on a leasehold basis and the appetite from
regional investors has been tremendous.
In the medium to long term, we expect the city’s position to
strengthen as it expands and develops further. Moves to cement
its position not only as a regional investment hub, but as a
commercial nerve centre to fill the geographic void between
Europe and Asia, not just for GCC investors, but for other
international investors as well are expected to enhance its appeal.
In the third and final paper in our Middle East Private Capital
Survey report series, we will examine more closely the global
locations that GCC HNWI investors have in their sights and the
reasons behind this, with a particular focus on the appetite for
Iranian and Indian property assets.
While global locations such as London and New York will always
have their place, the rise of Dubai’s property market over the
past 14 years has captured the attention of the region’s wealthy
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For further details contact
Cluttons
Faisal Durrani
Head of research
+44 (0) 20 7647 7166
[email protected]
Steven Morgan
Chief Executive – Middle East
+971 (0) 4 365 7700
[email protected]
YouGov
Caroline McGarr
Research manager
+44 (0) 20 7012 6120
[email protected]
© Cluttons LLP 2016. This publication is the sole
property of Cluttons LLP and must not be copied,
reproduced or transmitted in any form or by
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the prior written consent of Cluttons LLP. The
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