‘Cash-rich Afghans invest in UAE property’

“They come and spend cash and they know what they want. They are mainly looking for the Palm. Just right now,we have two or three big negotiations that we can close… We are talking about USD 2.45 million (9 million dirhams) plus,” Gabor Szalay,director of Provident Estate,was quoted by Arabian Business as saying .

“In the last couple of months,we have seen an increase in enquires in nationals from there,” said David McCormack,group operations director at the Dubai-based Olive Property Group.

In 2009,ahead of the last Afghan election,millions of dollars made its way out of Afghanistan in suitcases and even on pallets loaded into aircraft,according to police at Kabul’s main airport.

“It is really just securing their future…a lot of the Afghans we speak to,and we speak to many high profile Afghanis,they are all concerned about the longevity of the Afghani market and the value of money there,” McCormack said.

In 2010 the Afghan government took over Kabul Bank,the country’s biggest commercial bank,after a run on deposits caused by revelations that the bank’s owners had lost millions of dollars they loaned to themselves to purchase property investments in Dubai.

McCormack said they are also looking to invest in companies and smaller properties which offer stable returns.