By Beatrice Thomas
Investors from the neighbouring Gulf state spend an average of $1.83m last year
Qatari real estate investors in Dubai spent an average of AED6.71m ($1.83m) last year, marking them out as the biggest per capita spenders in the emirate, official figures show.
Dubai Land Department data showed international transactions in the emirate topped AED114bn ($31.04bn) in 2013. While the Qataris were the biggest individual investors, Oman had the next highest per capita spend on Dubai property at AED5.77m, followed by the UAE (AED4.56m), Saudi (AED3.71m), Germany (AED2.37m), India (AED2.22m) and Britain (AED 2.11m).
The figures were released ahead of the 10th International Property Show in April, which will coincide with the 4th Annual Investment Meeting (AIM) at the Dubai International Convention and Exhibition Centre.
IPS organisers said the fact the highest four per capita investment in Dubai’s realty came from GCC countries showed that Gulf investors remained a key driver in the emirate’s property sector - encouraged by new investor-friendly legislations, proximity and a rising confidence in a lucrative return on investments.
Sultan Butti Bin Mejren, director-general of the Dubai Land Department, said it reinforced Dubai’s status as a “top-notch real estate investment hub in the Gulf and beyond”.
“I foresee even stronger regional demand in 2014 and this is where specialised events like IPS will help in maximizing per capita investment from neighboring regions and the world,” he said.
Other foreign countries which figured in high per capita real-estate transactions in Dubai included France (AED2.054m), Russia (AED2.051m), Canada (AED1.98m) and the US (AED1.83 m).
Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organisers of IPS, said: “Overseas investments were key contributors to the turnaround of the UAE economy, driven by a maturing market, transparent legislations and regulations and a growing appetite for property investment. Our major focus in this year’s show is to expand the number of exhibitors and investors.”
“We will also be highlighting the role of regulation in driving transparency, market confidence and facilitating sustainable investment in emerging markets in conjunction with the IPS’ Official Knowledge Partner; RICS International,” he said.
Per capita values really looks dumb when the population or no. of investors are low. Speak about the overall value contributed by individual expatriates rather than per capita. Only the total amount contributes to the purpose and per capita in this context is totally meaningless.