By Staff writer
Developer says influx has overtaken traditional buyers from developed nations such as the UK, Germany and Russia in 2016
Developer Tanmiyat has identified an increase in buyers of Dubai property from emerging markets such as India and Africa during 2016.
The influx of these investors has overtaken traditional buyers from developed nations such as the UK, Germany and Russia, who have seen unsteady economies in recent years, the company said in a statement.
“The Dubai property market remains attractive to foreign investors, however we have noticed a significant slowdown in purchases from our core countries in the Western region and a significant increase in buyers from new world markets,” said Mohammed bin Odah, CEO of Tanmiyat Group.
According to data from the Dubai Land Department, total investment transactions for the first half of the year reached AED57 billion from 26,000 investors made up of 149 different nationalities.
Indians ranked as the number one foreign investor here, bringing in more than AED7 billion to the emirate which is expected to reach AED20 billion by the end of the year.
Tanmiyat Group, which has recently handed over phase one of its significant Living Legends Community in Dubailand, is looking to continue attracting foreign investors from emerging markets as it looks to phase two of the development.
This includes two more residential towers expected to be complete by the end of 2016.
Bin Odah added: “Living Legends is back in the market with strong offers and new schemes that are very attractive to investors. We have embarked on several international roadshows this year, including Kenya in July for the very first time to connect with African buyers."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.