Chinese investors have been rushing to Dubai’s real estate market, fueling a surge in apartment prices in the United Arab Emirates city, Shanghai Daily said Friday, citing a report from the local The National. Major Dubai developers such as state-owned Nakheel, the developer of the man-made island Palm Jumeirah, have hired Chinese-speaking staff to cope with the flood of Chinese clients who want to cash in on surging rental yields in the property market, the report said. Apartment prices rose 15 percent in the past 12 months but they are still 19 percent below their peak in 2008, the year before the global financial crisis hit the Dubai real estate market, Craig Plumb, head of MENA research at real estate consultant Jones Lang LaSalle, was quoted as saying. More than 270,000 Chinese nationals live in the United Arab Emirates, data from the Chinese consulate-general in Dubai showed.
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