By Andrei Skvarsky.
Lamudi, a two-year-old real estate dot-com company doing business in more than 30 emerging- and frontier-market countries, announced on August 10 that it has launched an operation in the United Arab Emirates.
This adds the fourth country to Lamudi’s Middle Eastern geography, which also includes Saudi Arabia, Jordan and Qatar.
The Berlin-headquartered company cites rising investment, population growth and increasing tourism in the UAE as reasons for setting up Lamudi.ae.
This year’s slowdown of Dubai’s real estate market with residential prices and rents stalling and a perceived threat of their going down before the year end has widely been seen as “signs that property market growth has reached a more sustainable level”, Lamudi said in a statement.
The statement cited the Dubai Land Department as reporting that investment in the city’s real estate sector exceeded $831m in the first half of 2015, and that about 19,850 investors from 142 countries had put their money into the city’s real estate sector in the first half of 2014.
Lamudi also cited research by financial advisory company Deloitte as showing that those aged between 20 and 35 account for about half of Dubai’s population and are a group representing an important driver of demand for residential property.
“Dubai’s property market continues to attract high interest from buyers from all over the world, which shows the confidence investors have in the sector’s future,” the statement quoted Kian Moini, co-founder and managing director of Lamudi Global, as saying.
”Lamudi, as a global property portal operating in more than 30 countries, is in the perfect position to cater to this demand from international buyers,” Moini said.
Lamudi said experts are predicting a real estate boom in Gulf Cooperation Council (GCC) countries, which, besides the UAE, Saudi Arabia and Qatar, include Bahrain, Kuwait and Oman.
The company cited Alpen Capital, a Gulf- and India-based financial consultancy, as saying the total population of the GCC member countries is growing by 5.2% a year and is expected to reach 57m by 2018.
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