By Sarah Townsend
Emiratis and other GCC nationals make lion’s share of investments; Indians and Brits also prominent
Indians topped a list of non-GCC buyers of Dubai real estate last year with AED20 billion ($5 billion) of transactions, followed by Brits with AED10 billion, according to new data from the Dubai Land Department (DLD).
However, GCC nationals were responsible for almost one-third of transactions (AED44 billion) and Emiratis accounted for half of that.
The statistics show that 55,928 investors from 150 nationalities invested a total of AED135 billion ($26 billion) in the emirate’s real estate during 2015.
The lion’s share of the investments (AED44 billion) was made by GCC nationals, of which Emiratis accounted for AED26.08 billion of transactions.
Saudi Arabian nationals followed, making AED9 billion of transactions over the course of the year. Kuwaiti nationals accounted for AED3 billion of investment, followed by investors from Qatar, Oman and Bahrain.
The total amount of foreign investment in Dubai real estate last year was AED74 billion from 35,165 investors, the figures reveal.
Indian nationals topped the list with AED20 billion worth of transactions followed by the British with AED10 billion and Pakistanis with AED8 billion.
Meanwhile, Arabs from outside the GCC invested a total of AED16 billion to the Dubai real estate market, with Jordanians ranking the highest value investors with AED3.5 billion of deals, according to the figures.
Egyptians invested AED2.55 billion and Lebanese nationals invested AED2.53 billion. Significant investments were also made by nationals from Iraqi, Yemen, Sudan, Palestine, Libya, and Algeria, the DLD added.
Sultan Butti Bin Merjen, director-general of DLD, said: “The sheer diversity of investors in Dubai’s real estate market is an overwhelming endorsement of the products we have to offer.
“Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and return on investment.
“We are reassured with the size of investments from UAE citizens, in addition to the enormous demand from our brothers in the GCC…which provides the market with a strong shield from seasonal fluctuations.”