In the past few years, Dubai has become the destination of choice in the Middle East.
"Although we don't have hundreds of years of history like New York, Paris and Tokyo, we learn from other cities quickly," Chaar said
DAMAC is also enticing wealthy Chinese investors by collaborating with high-end Italian fashion brands, such as FENDI and Versace, to offer "limited edition" homes.
"Many wealthy Chinese are now seeking to invest abroad and diversify their wealth portfolios," Chaar said.
"We are seeing more and more Chinese investors looking for luxury second homes. Dubai fits the bill and is the perfect choice as the city has an excellent living environment with a premium lifestyle," he added.
Overall, Chinese investment in Dubai's luxury real estate market is rising dramatically after outbound investment regulations were relaxed last year. Cities such as Dubai have been quick to target these rich individuals.
"We believe the city has an excellent environment for individuals who want to invest here," Chaar said.
Bilateral trade between China and the UAE is also increasing. It is expected to reach $100 billion this year, which would be a jump of 83 percent compared to 2014. According to statistics from the Dubai Department of Tourism and Commerce Marketing, the number of Chinese tourists visiting the city is also on the rise. Last year, the figure climbed by 25 percent to 275,675 compared to 2013.
But Chaar confessed that more needs to be done to attract Chinese visitors and businesses, including promoting Mandarin to breakdown language barriers.
Although most high-end hotels in the UAE have staff who can speak Mandarin, more are needed. Chaar also conceded that Mandarin-speaking employees are in short supply when it comes to business negotiations.
"Our first step has to be to convince Chinese tourists and businesses that we have something special to offer," he said. "In fact, 80 percent of Dubai's population are now foreigners, and they enjoy world-class infrastructure and also live in safety."
Factfile on global property prices
・ Property prices in Dubai have been falling, a respected research report reveals.
・ Real estate prices in March dropped by 6.1 percent compared to the same period last year, according to the Knight Frank Global House Price Index, which tracks the performance of major residential markets across the world.
・ Out of the 56 markets monitored by Knight Frank, only 14 locations registered price declines. Ukraine was the worst performer, showing a 15.5 percent drop in rates.
・ The index is compiled on a quarterly basis and uses official government statistics or central bank data.
・ Hong Kong is the top performing market in terms of growth in property values, registering a 18.7 percent increase.
・ In a separate survey, Phidar Advisory said property prices in Dubai fell in the first six weeks of the second quarter this year by about 1.5 percent.
・ This is in line with Reidin's residential property sale price index for Dubai, which declined in April 2015.
