Dubai – “ASWAQ”
Indian nationals top the list of investments in Dubai’s real estate market recording AED7 billion (US$ 1.9 billion) from 3,656 transactions, according to the latest figures from the Dubai Land Department (DLD).
Britons came second investing AED4 billion (US$1.08 billion) from 2,010 transactions, while Pakistanis were third with AED3 billion (US$816 million) from 2,073 transactions.
A total of AED57 billion (US$15.5 billion) was invested by 26,000 investors from 149 countries in Dubai’s real estate market in the first half of 2016, with GCC nationals contributing the lion’s share at AED22 billion (US$5.98 billion) via 8,000 transactions. Of this amount, Emirati investors accounted for AED14.5 billion (US$3.9 billion), while Saudi Arabian citizens contributed AED4 billion (US$1.08 billion) and Kuwait nationals AED1 billion (US$272 million).
In the same period, Arab investors from outside the GCC contributed more than AED7 billion (US$1.9 billion) with 7,577 investments made by 16 different nationalities, top of which were Jordanians, investing AED1.5 billion (US$400 million), followed by Egyptian citizens who invested AED1.37 billion (US$372 million) from 710 transactions and the Lebanese investments amounted more than AED1 billion (US$272 million) derived from 423 transactions.
Sultan Butti Bin Merjen, director-general of the DLD, said: “The Dubai real estate market has managed to maintain its robust appeal this year and 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.”
Dubai Land Department revealed the first findings from its H1 2016 transactions report, showing transactions totaling AED113 billion (US$30.7 billion) which include sales, mortgage, investment and other deals made in Dubai in the first six months of the year.