Dubai – “ASWAQ”
Dubai properties are becoming more attractive to a multitude of international investors, according to data released by the Dubai Land Department’s (DLD) Real Estate Research and Studies Department.
In the first half of 2016, total investment transactions reached Dh57 billion from 26,000 investors of 149 different nationalities, with buyers from the GCC countries leading at Dh22bn via 8,000 transactions, just over a quarter of the total number. Of this amount, Emirati investment accounted for total transactions of Dh14.5bn from 4,543 investments, while GCC investors recorded Dh7.5bn from 3,656 transactions.
Despite the softening of Dubai’s real estate market in recent months citing its bottom, the DLD data indicates many still see opportunity in this sector.
Of the total value of foreign investment into Dubai property worth more than Dh28bn, almost half of it i.e. 14,314 investments out of the 26,000 were from foreigners.
Sultan Butti bin Merjen, the director general of DLD, said “The Dubai real estate market has managed to maintain its robust appeal this year. It is now emerging as one of the foremost property investment destinations in the world, bolstered by the decline in some regional economies and serious challenges faced by other countries around the globe.” He added that the diversity of the investor base reflects the quality and trust that investors have in Dubai’s economy.
Luxhabitat’s real estate agent, Paul Clark said, “I’m surprised to see GCC nationals and Emiratis so high on the list. Generally GCC buyers are in the market for whole floors of a tower or several plots on the Palm.” However, Mr Clark says this time around the biggest absence on the list is the Russian investor as Russians are said to have owned at least 80 per cent of the real estate on Palm Jumeirah.
Indian investors led the way in the foreign investor field, bringing in more than Dh7bn worth of property transactions to the emirate via 3,656 transactions.