A total of AED57 billion ($15.5 billion) was invested in Dubai’s real estate market in the first half of 2016, the latest figures from Dubai Land Department (DLD) show.
The figure was invested by 26,000 investors from 149 countries, the DLD said, with GCC nationals contributing the lion’s share – AED22 billion ($5.98 billion) – via 8,000 transactions.
Of this, Emirati investors accounted for AED14.5 billion ($3.9 billion), while Saudi Arabian citizens contributed AED4 billion ($108 billion) and Kuwait nationals AED1 billion ($272 million).
Arab investors from outside the GCC contributed more than AED7 billion ($1.9 billion) to Dubai’s real estate market over the period, with 7,577 investments made by 16 different nationalities, top of which were Jordanians, investing AED1.5 billion ($400 million).
They were followed by Egyptian citizens who invested AED1.37 billion ($372 million) stemming from 710 transactions and the Lebanese whose investments amounted more than AED1 billion ($272 million), which was derived from 423 transactions.
Outside the Arab world, Indian nationals contributed the lion’s share of investments – AED7 billion ($1.9 billion) from 3,656 transactions, according to the DLD, making them the biggest investors in Dubai real estate over the period.
Brits came second investing AED4 billion ($1.08 billion) from 2,010 transactions, while Pakistanis were third with AED3 billion ($816 million) from 2,073 transactions.
Sultan Butti Bin Merjen, director-general of the DLD, said: “The Dubai real estate market has managed to maintain its robust appeal this year and is now emerging as one of the foremost property investment destinations in the world, bolstered by the decline in some regional economies and serious challenges faced by other countries around the globe."
Last week, the DLD unveiled the first findings from its H1 2016 transactions report, including that a total of AED113 billion ($30.7 billion) of transactions – including sales, mortgage, investment and other deals – were made in Dubai in the first six months of the year. The latest figures only relate to investment transactions.