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The truth about buying property in the Gulf
Some may say the property sector is slowly recovering, but has investor confidence truly returned to the masses? Our exclusive findings with YouGov Siraj put you in the know...
January 23, 2012 3:20 by Eva Fernandes
As Kipp generally does cover the somewhat troubled property market in the UAE, we were curious to get a better understanding into the minds of investors. So with the help of our friends at YouGov Siraj we polled the masses to find out some rather shocking aspects of the real estate markets.
For starters only 22% say they own property in KSA and even less a mere 14% say they own property in the UAE. Kipp thought it would be more, but over half of those who said they bought property said they bought off plan, a fifth bough during construction and a third after the property was finished.
Now for the juicy stuff, about a third of those who had property in the UAE said they had defaulted on their payments. What is more, over 48% claim they lost money on their properties. Things seems to be a lot better in KSA where only 17% claim they have lost money and an encouraging 56% say they have made money on their previous property. In fact, the property regulations in Saudi also help make people feel more secure about buying property than they do in the UAE: which is why around 69% in KSA say they would consider buying property in Saudi.
For more findings, check out our funky inforgraphic down below: