The Dubai Economic Outlook, Quarter 2 report for 2013, issued by the Secretariat General of the Dubai Economic Council (DEC), confirms the momentum gained by Dubai's economy during Q1 of 2013.
The report estimated the growth rate of real gross domestic product (GDP) to Dubai in the Q2 of 2013 by 4.7 per cent compared to the corresponding 2012 quarter. The report attributed this growth to the growth of the four sectors, namely: real estate, wholesale and retail, transportation and manufacturing.
Striking recovery in real estate sector
The report indicates that the real estate sector in Dubai has witnessed a new wave of growth during the Q2 of 2013 in terms of both value and number of apartments. the Dubai Marina area ranks first in the number and value of transactions the largest transaction in the sector are made by Indians, British, Emirati, Pakistani, Iranians, and Russians.
Indians captured the largest purchase deals (27 per cent), followed by British (17 per cent) and Pakistani (15 per cent).
In the first half of 2013, UAE nationals topped the overall list of property investors in the emirate, with Indians remaining top expat investors.
Dubai Land Department (DLD) data, released in end of July, revealed that Indians had purchased properties worth over Dh8 billion, compared to Dh9 billion they invested in the entire 2012.
British nationals came second with investments worth Dh4 billion compared to Dh5 billion to 2012. Pakistanis invested over Dh3 billion compared to Dh4 billion in 2012.
Total investment of UAE nationals in the realty sector was Dh12 billion, which equaled the entire amount they spent last year.
Saudis pumped in Dh2 billion, the amount that they had invested in whole 2012. Kuwaitis invested Dh360 million, followed by Qataris, Omanis and Bahrainis. No figures were revealed.
Among Arab investors, Jordanians bought properties worth Dh1 billion, followed by Lebanese and Egyptians who spent Dh884 million and Dh753 million respectively.