Islamic Lifestyle

Cityscape: Dubai signs deal to target Chinese property buyers

| 13 September, 2017
Michael Fahy

SEPTEMBER 13, 2017 

Dubai Land Department (DLD) has signed an agreement with UC Forward, the Chinese parent company behind the Fang.com property portal, to promote the emirate's property market to Chinese investors. DLD said that the parties have set a joint objective of securing 1 billion UAE dirhams ($272 million) worth of investment from Chinese buyers.

Under the deal, UC Forward will promote the Land Department's work through Chinese channels and foster cooperation between Chinese and Dubai real estate companies. It will also offer consultancy services regarding investments, transactions and rental disputes and provide Dubai Real Estate Institute-certified courses in Chinese for training brokers.

UC Forward will also establish its own counter at DLD's offices in Al Fahidi Hall, where it will provide free consultancy services both in Chinese and in English to Chinese investors.

DLD said that since 1996, some 4,475 Chinese buyers have completed 8,259 real estate deals in Dubai. Figures published by last month state that Chinese buyers completed 2,177 of these deals between January 2016 and July this year, spending 3.14 billion UAE dirhams in the process.

DLD's director-general, Sultan Butti bin Mejren, said in a press statement on Tuesday: "UC Forward will play an important advisory role, including raising awareness of the advantages of investing in Dubai’s real estate market, and helping to protect investors and their rights by clearly communicating our laws and regulations in both Chinese and English."

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