Dubai property groups showcase projects to Chinese investors

JGE is showcasing phase one of Jumeirah Golf Estates. Pictures Saibal Dasgupta for The National

BEIJING // Jumeirah Golf Estates opened its doors to some of the world’s biggest property buyers at Beijing’s Luxury Property Showcase on Friday as 120 companies from 35 countries chased Chinese customers.

The Chinese have bought everything from luxury homes and commercial units in countries including the United States, Australia, Mauritius and New Zealand.

In recent years, they have diversified into European and Asian property markets.

“We are expecting more than 6,000 visitors to the property show,” said Jenny Hanshen, marketing and communications manager for the showcase. “We expect a significant number of them to enter into business transactions.”

Ms Hanshen said the American presence was the strongest at the three-day event, while Australian companies made up the second-largest contingent.

Last year, half a million visitors from China visited Dubai and there are about 4,200 Chinese businesses in the UAE, meaning that Chinese property investors have become a target market for Dubai companies such as JGE and Damac Properties.

Salman Bin Karam, the senior manager of JGE, said Chinese investors are increasingly keen to invest.

“We came here to showcase phase one of Jumeirah Golf Estate,” Mr Bin Karam said. “We are here to offer opportunities to Chinese investors, who want to have a second home in Dubai or invest for property income or rentals.

“There is an appetite among Chinese to invest in Dubai because it offers a tax free environment, a wide range of shopping and leisure facilities.”

JGE is offering 1,000 residential units inside its golf courses.

Mr Bin Karam said: “We have two championship golf courses. These are 18 hole golf courses with international standards.”

Nearly 70 per cent of people who buy housing property do not necessarily play golf but they like the surroundings, he said.