 |
| Investment is arriving from all corners of the world |
is, coming forth from the desert and offering
affordable, luxurious property to all those who could take a trip to the UAE.
Times have certainly changed. What used to be considered the
main rival for Spain in terms of investment property has now become little more
than a shadow of what it once was – at least as far as expats are concerned.
Dubai was more reckless than even Spain during the property
wave that peaked at the turn of the millennium, and the crash of that wave was
much more spectacular. There are entire sections of the city that remain
undeveloped as thousands of people lost their credit.
Dubai still retained its appeal to people with their own
capital though, and the Emirates is managing to recover quite well these days.
It might be a while yet before it starts rivalling the real estate recovery of
Spain, but there is always opportunity whenever there is money – and Dubai
certainly has money.
The opportunity appears to lie in Spain. Dubai-based holding
company Imperio Group announced this week that they plan to invest €50 million
in the Spanish real estate market through 2017, and are likely to invest even
more in 2018.
The group has a penchant for investing in old properties and
renovating them, and they’ve found an ample hunting ground in Barcelona. They
spent €6.5 million this month alone investing in the Vinçon Building on Pau
Claris street.
The Vinçon building overlooks La Pedrea and Imperio Group
have plans to create a range of luxurious dwellings within the building.
Imperio is looking to create 19 apartments within the
Eixample district which, if you’ll pardon the pun, is another fine example of
the appeal Barcelona has to foreigners.
If you’re a regular reader then you won’t be that surprised
to learn about the Emirates investing in northern and southern Spain, but there’s a bigger
picture you might be missing. Given that US heavyweight Lone Star has announced
plans to invest in Spanish property, and all of the good news streaming in from
the real estate sector during the last two years, there is plenty of reason to
celebrate that wealthy Dubai investors are now joining the investment bonanza.
It’s also something that would have seemed impossible a decade ago.
