Indians biggest buyers of Dubai property with Dh3.7bn spent

Figures for in H1 2012 show over Dh22 billion invested by foreign nationals in emirate’s real estate

Over Dh22 billion was invested by foreign nationals in Dubai’s realty market in the first half of 2012 with Indians topping the list in value terms.

The total number of properties (buildings, lands, apartments and villas) sold during the first half touched 12,875 units, Dubai Land Department said in a statement.

Indians bought a total of 2,153 properties worth Dh3.75 billion, followed by Britons who purchased 1,564 properties worth Dh 2.53 billion.

Pakistanis invested  Dh1.71 billion to purchase 1,814 properties, while Russian and Iranian investors competed for the fourth and fifth positions. Iranians bought 1,057 properties worth Dh1.52 billion while Russian purchased 694 properties for Dh1.44 billion.

Saudis purchased 416 units valued at Dh1.06 billion, followed by Canadians who invested Dh752 million to buy 329 properties.

Americans bought 415 properties worth Dh694 million. Jordanians purchased 268 properties worth Dh460 million, while investors from other nationalities bought 4,165 properties valued at Dh8.23 billion.

Emirates 24|7 reported this month that Indians, Iranians and Britons together invested more than Dh1.5 billion to buy properties in global icon Burj Khalia in the first half of this year.

Earlier in August, the Land Department said property transactions had jumped 21 per cent to Dh63 billion in the first half of 2012 compared to the same period last year, while transactions surged 82 per cent in value terms quarter-on-quarter, reflecting growing confidence among investors.

Total transactions reached 18,953, with plot sales and mortgages dominating the first half transaction activity, with 3,522 deals worth Dh42.3 billion taking place.

A total of 14,428 sale and mortgage transactions on apartments and villas, valued at Dh18 billion, were registered during the period, while 1,003 building sale and mortgage transactions, valued at over Dh 2.7 billion, were recorded. On an average, there were 133 transactions per day and 16 transactions per hour.

In 2011, Dubai reported 35,297 real estate transactions worth Dh143 billion, an increase of more than 16 per cent over previous year's total of deals worth Dh123 billion. Indians continued to the top new investors in Dubai’s real estate market last year, pouring in more than Dh2.1 billion.

Majida Ali Rashid, Chairwoman of the Real Estate Investment Promotion and Management Centre, in a statement, said: “The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials.”

She added that the increased investor confidence in Dubai properties and the growth of deals and transactions in terms of quality and quantity represent positive indicators for further growth, which the government of Dubai is seeking and nurturing to secure a better future for the country and its citizens.

Jones Lang LaSalle has said that the Dubai residential real estate market appears to have bottomed out as prices are now at rates similar to early 2008 levels and the general rental trend being positive, while UK-based Royal Institution of Chartered Surveyors said funds for investment in the UAE commercial property market are beginning to rise with capital values expectations turning positive for the coming quarter - first time since 2008.

Dubai has already launched two initiatives, Tanmia and Tayseer, that aim to restart stalled projects in the emirate. Emirates 24|7 has reported an Indian developer has already acquired two projects under the Tanmia scheme while the same number of projects have got funding Tayseer.

Besides, the department, in order to ensure and safeguard the investors‘ rights,  is working on the Real Estate Investor Protection Law, which provides clauses of full refund to investors in cases where the developer breaches the contractual terms.

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