• Home
• /
• Local business

Property Remains Long-term Financial Security: Poll

DUBAI - Property has been traditionally considered as the safest choice for those who are after long-term investment. And even with the slowdown, people continue to see property investment as a stable provider of long-term financial security.

A random poll was conducted by Zurich International Life, involving a cross section of population in the UAE and Bahrain.

Five hundred people from UAE and 100 from Bahrain were interviewed, and they indicated that property is still is a strong long-term investment option.

“We feel there is a healthy, long-term growth story within the GCC. We appreciate that the UAE has taken by far the greatest economic hit in the region, but Bahrain is looking quite healthy,” said Carlos Sabugueiro, CEO of Zurich International.

“Presently, Bahrain is focused on developing its own infrastructure, notably the airport, seaport and causeway, which will filter benefits to the local economy and housing market. So it comes as no surprise that Bahrain expats are looking to spend their extra income on property,” he said.

48 per cent of those interviewed in the UAE would spend any extra income on property, whilst 72 per cent would do so in Bahrain. Year on year, this is a 20 per cent rise for the UAE, the report says.

Many expats believe that the property crisis engulfing the region is less severe than generally reported and the property market is still overvalued.

Over 65 per cent of those questioned in Bahrain have property as one of their current investments, and 27 per cent people in UAE have investment in properties.

However, it appears that only 17 per cent of those living in the UAE are worried about paying their mortgage, compared to 45 per cent in Bahrain.

Meanwhile, there are some lingering concerns about the price of property with over 50 per cent of UAE and Bahrain expats stating that property is still too expensive to buy.

· aneela@khaleejtimes.com