By Andy Sambidge
Official figures reveal that Indians are most active foreign investors, while Emiratis spend most overall
Investors spent a total of AED35bn ($9.52bn) on real estate in Dubai during the first quarter of 2014, the Dubai Land Department has announced.
The figure represents a 57 percent increase over the same period last year, officials at the government property agency said in a statement.
It added that the number of investors rose significantly in the same period, with 13,279 individuals making transactions compared to the 7,339 in the first three months of last year - an increase of 81 percent.
The DLD said a total of 133 nationalities made real estate investments in Dubai during the first three months of this year, with Indians making up the largest number of foreign investors.
"The diverse array of nationalities putting their money into Dubai's property sector and the high value of the investments being made confirms the city's attraction for real estate investment, especially when compared to other property markets in the region," said Sultan Butti Bin Mejren, director general of DLD.
"The increase in the value of transactions and the numbers of investors in the first three months of this year over the same period last year is something that can be attributed to Dubai's promising economic outlook, the maturation of its investment environment, its strong infrastructure and its transparent legislation," he added.
The DLD report also showed that 1,228 Emiratis made investments worth nearly AED7bn in Dubai's real estate market during Q1, ranking them as the highest among all investors.
Investors from Gulf Cooperation Council (GCC) states contributed AED3bn, with 583 Saudi citizens creating an expenditure of AED1.8bn, Qatar AED1.25bn, Oman AED344m, Kuwait AED312m and Bahrain AED160m.
A total of 9,602 international investors from outside the Arab world were responsible for property transactions worth over AED20bn in Q1, with Indians topping the list by spending AED5.895bn. British citizens were ranked in second place making AED3.145bn worth of investments, followed by Pakistanis.