Potential investors from Iran have already started making enquiries about acquisitions in Dubai’s real estate, according to market sources.
Iran and world powers - US, Russia, China, France, United Kingdom and Germany - reached a framework nuclear deal at the weekend which should pave the way for an end to years of crippling sanctions on the country.
“In the last 48 hours, we have been taking calls from Iranian prospects who have sounded out the possibility on exposures in locations, such as the Downtown and for mid-tier properties elsewhere in Dubai’s freehold areas,” Juwaad Beg, CEO of Al Madina Al Raeda Real Estate told Gulf News.
“These are definitely early days, but if the sanctions are lifted in full, Dubai’s real estate will be a clear and immediate winner from Iranian fund flow into the UAE,” he added.
Beg said the Iranian rial’s current weakness against the dollar will not put investors off. “These investors don’t care … they have been cut off from the enough investment/asset options for way too long under the sanctions regime. They are good to go the moment these are lifted."