Middle East Set to Be Third Largest Property Investor
By Bince Mandapam
Tony M Horrell, worldwide director for Jones Lang LaSalle, informed Gulf Information record oil earnings of the Gulf nations and the diversity of regional economic climates is leading Middle East investors to earn considerable financial investments in property outside their home markets.
” After a couple of years of absence, Middle East funds are again spending heavily in the US, followed by Europe.”
According to Jones Lang LaSalle’s latest Global Real Estate Resources Record, Middle East financiers spent nearly $6 billion in purchasing foreign industrial property in the very first half of 2006, $4 billion in the United States and $2 billion in Europe, primarily the UK.
” My price quote is that this figure for the Middle East will certainly get to $15 billion by the end of the year on the basis of the purchases that are under way,” Horrell said.
That would make the Middle East the world’s third-largest purchaser of business realty in international markets after the US and Germany, he included.
Jones Lang LaSalle, which recently acquired Dubai’s RSP Group, has recognized the GCC region as a key source of global capital versus a background of the increasing financial investment by Middle Eastern capitalists in worldwide real estate markets. The major buyers include personal equity funds and household offices.
The year 2006 is additionally on target to be one more document year as complete straight realty financial investments come close to $600 billion, up from some $480 billion in 2005, according to Jones Lang LaSalle. http://www.estatesdubai.com