Foreigners sink $5.9bn in Dubai homes in H1

Indians are biggest investors during first half of year, followed by Pakistanis and Brits
Foreigners sink $5.9bn in Dubai homes in H1
By Andy Sambidge
Tue 14 Aug 2012 05:24 PM

Foreign investments totalling AED22bn ($5.98bn) were made in Dubai's real estate market in the first half of the year, the emirate's Land Department said on Tuesday.

The Real Estate Investment Promotion and Management Centre said investors of various nationalities bought 12,875 properties including buildings, land, apartments and villas during H1.

"The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials," said Majida Ali Rashid, its chairwoman.

She said foreign investors' deals in freehold projects in Dubai were dominated by Indians.

Indian investors bought a total of 2,153 properties valued at AED3.751bn, while Pakistanis came second with a total of 1,814 properties at AED1.713bn.

Latest figures also showed that British investors bought a total of 1,564 properties worth AED2.529bn in the first half of 2012, ranking third.

Iranian and Russian investors completed the top five positions, with Iranians buying 1,057 properties worth AED1.515bn and Russians buying 694 properties at a total value of AED1.438bn.

It was reported last week that Iranian investors have snapped up property worth $128m in the world's tallest tower, the Burj Khalifa, in the last six months.

Saudis, Americans, Canadians and Jordanians were also prominent investors in Dubai's real estate market, the figures showed.

Sultan Al Akraf, senior director of the real estate registration services at the Land Department, said that the figures reflected "an ongoing upside trend and a positive growth in the real estate market performance in the emirate".

Earlier this month, it was reported that land transactions in Dubai reached AED63bn in the first half of 2012, a 21 percent increase on the same period last year

Sultan Butti bin Mejrin, director general of the Dubai Land Department, said the emirate witnessed a total of 18,953 transactions to the end of June at an average of 133 per day.

The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.

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