* Dubai sees strong interest from US property investors after the victory of Trump
* Propertytrader.ae says buyer search ranking of US visitors shot up in November
* Growing demand may push Dubai property prices up in 2017
Dubai’s ailing real estate sector, which has seen rentals and sale prices almost bottoming out this year, may have found an unlikely saviour: US President-elect Donald Trump.
The Republican’s unexpected victory in the US presidential elections in November has shaken the confidence of many across the world and Americans in particular. One such consequence seems to be the desire of many US citizens and investors to move away from American shores.
During the last phases of the election, as it became clearer that Trump would emerge victorious, several media reports suggested that there was a sharp increase in the number of Americans enquiring about alternative residence and citizenship programmes. More shockingly, Canada’s immigration website crashed on the night the votes were being counted.
Escape to Dubai
It appears that not only regular citizens, but many property investors are also seeking newer pastures: and many of them as far away as Dubai, according to the figures from a local property broker.
Propertytrader.ae, a leading online real estate portal in the UAE, says it had seen a sudden shift in investor enquiries in Dubai soon after the US elections.
“Throughout 2016, the buyer search ranking of US visitors on propertytrader.ae was consistently at about fifth or sixth place. In November, we are already seeing that go up to third place. It may be temporary, it may not. But either way, I think savvy developers and real estate brokers will capitalise on this more focused US interest and start marketing to them accordingly,” adds Ali.
No surprise here
The portal believes that it would not be surprising to see an exodus of property investors from the US to Dubai following the victory of Trump, whose policies are widely seen as anti-immigrant and anti-minority.
One side-effect of the election result could be an increase in Americans deciding to take the plunge and buy in Dubai – which they view as a safe, family-friendly haven, it says.
“That kind of reaction is not uncommon when a dramatic social or economic change occurs and we do predict this uncertainty – and perhaps even a desire for a fresh start – will impact the number of Americans buying in Dubai in the next year or two,” said Umer Ali, Sales Director at leading Dubai real estate portal propertytrader.ae. “It’s an interesting turn of events from a property market point of view.”
The growing demand will boost the property market and as a result the prices may rise in the coming months.
But experts have warned that the rally in the US dollar may dampen enthusiasm as investors will be looking for better deals elsewhere.