By Staff writer
Dubai Land Department says Indians behind more than 3,000 deals in H1, followed by Brits and Pakistanis
Almost 20,000 investors spent more than AED53 billion ($14.4 billion) in Dubai real estate during the first half of 2015, the Dubai Land Department (DLD) said on Tuesday.
It said in a statement that 19,848 investors from 142 nations had been behind property transactions in the emirate during the first six months of the year.
Indians were the most prolific foreign investors in H1, with a total of 3,017 transactions worth AED7.8 billion. British investors were ranked second with deals worth AED4.7 billion, followed by Pakistani investors.
A total of 13,166 investors from India, Pakistan, Britain, Canada, Russia, China, US, France and Afghanistan were involved in deals worth a total of AED30 billion.
DLD's report also revealed that GCC investors completed AED17 billion worth of transactions, with Emiratis forming the lion's share of this figure (2,130 transactions worth AED11.494 billion).
Saudi Arabians were ranked second with 999 real estate transactions worth AED3.174 billion. Kuwaitis were ranked third, followed by Qatar, Bahrain and Oman.
Sultan Butti Bin Mejren, director general of DLD, said: "One look at the figures from DLD's Research and Real Estate Studies Department is enough to show us that Dubai's real estate sector is now enjoying sustainable growth.
"Based on the strong performance of the market, we fully anticipate that the momentum will be continued throughout the next five years as we lead up to Expo 2020, the biggest marketing event in the world."
He added: "The diversity in investors' nationalities revealed by the report shows that the Dubai market is international and that investor confidence is increasingly being cemented thanks to the wise real estate policies laid down by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler Dubai."
DLD's report showed that 2,756 investors from 16 Arab nations completed transactions worth more than AED6 billion in the first half of 2015.
Jordanians made transactions to the value of AED1.4 billion, while Lebanese nationals were second on the list of Arab investors having conducted AED1.2 billion worth of transactions. Investors from Egypt came in at third place followed by those from Iraq, Yemen, Sudan, Algeria, Palestine and Morocco.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.