Cash-rich Afghans invest in UAE realty

Future secure: Investment in UAE is to the tune of $8 billion with funds mostly siphoned out of Afghanistan

Written by Press Trust Of India | Dubai | Published: February 16, 2012 12:45:04 am

Wealthy Afghans have invested a whopping $8 billion in the booming property market of the United Arab Emirates,a news report has claimed.

The report,based on inputs from a number of estate agents,said properties in the Palm Jumeirah area are amongst the areas being targeted for cash deals. “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 $2.45 million (9 million dirhams) plus,” Gabor Szalay,director of Provident Estate,was quoted by Arabian Business.

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

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