China’s appetite for Dubai property grows

A large number of Chinese people are investing in Dubai's real estate market due to strengthening of ties between the UAE and China and implementation of the Belt and Road Initiative and other developments, according to a property consultant with Coldwell Banker UAE. The Chinese stock market and its property market, both of which have been experiencing rapid growth in recent years, have encouraged upper-middle class Chinese nationals to invest in overseas markets, including in Dubai. Depreciation of the yuan, as well as the high rental yields on offer in Dubai, are other factors that are influencing Chinese investors. In Downtown Dubai, the average price of resale properties is between Dh1,700 and Dh2,200 per square foot, which is equivalent to one quarter to one-sixth of the selling price of real estate in Downtown Shanghai