Real Estate
Dubai Developer Says Rich Turks, Egyptians Helping Fuel Property Boom
- Binghatti plans 12,000 new homes in Dubai amid rising demand
- Investors fleeing currency risk are betting on Dubai: Chairman
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The Dubai developer building what’s set to be the world’s tallest residential tower is betting on an influx of rich buyers fleeing currency instability in Turkey and Egypt to help drive demand.
Binghatti Properties is planning around 12,000 homes across the city over the next two years, Muhammad Binghatti, the chairman of the privately-owned developer said in an interview. That’s over and above the 9,000 homes it’s already building, and the $1 billion it’s set to spend on construction in the next 18 months.