Chinese buyers snap up dubai development

Dubai developer Damac Properties reports that a growing number of Chinese buyers are purchasing property in the emirate.

Between 5 and 7 per cent of the firm's sales in January went to Chinese buyers, the company's managing director, Ziad El Charr, told Arabian Business.

The uptick in sales follows a concerted effort from the developer to court Chinese investors. Last year, it signed deals with two Chinese brokers to target investors from the increasingly active market, as part of an overall strategy to tap into the growing number of Chinese tourists visiting the UAE.