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29 March 2024

Indians splurge Dh10bn on Dubai property market

Published
By Parag Deulgaonkar

Indians, Britons and Pakistanis continued to remain the top three expatriate property investors in Dubai, according to Dubai Land Department (DLD).

Indians invested Dh4.523 billion in the second quarter of 2014, with a total of Dh10.523 billion for the first half of the year.

Britons were second on the list, having invested Dh2.666 billion in the second quarter. Their total investment in the first half was Dh5.811 billion.

Pakistani nationals poured in Dh4.5 billion in the first half, with their second quarter investment being Dh2.090 billion.

Iranian and Canadian investors took the fourth and fifth position, with total investment for the first half at Dh2.7 billion and Dh1.90 billion, respectively.

DLD had not released the first quarter figures.

Russians, Americans and Chinese occupied sixth, seventh and eighth places, contributing over Dh1 billion worth of property invested in each category of national.

Total expatriate (foreign and Arab) investment reached Dh37.5 billion in the first half.

Foreign expats made 14,231 property deals worth Dh30.533 billion, while Arab investors completed 3,058 transactions worth Dh6.905 billion.

Jordanians top Arab investors

Jordanians topped the list of Arab investors with 640 transactions, worth Dh1.347 billion, while Lebanese nationals were second.

They invested in 459 deals worth Dh1.235 billion.

Egyptians came in at third place with transactions valued at Dh1.01 billion.

Investors from Iraq, Yemen, Libya, Sudan, Palestine and Algeria made significant real estate transactions in the first six months, but their investments remained below the Dh1-billion mark for each nationality.

Emirates 24|7
reported earlier that investment by UAE nationals in Dubai’s real estate market touched Dh12.5 billion in the first half of 2014, making them the top Gulf Cooperation Council (GCC) investors.

Investors from other GCC countries — Bahrain, Kuwait, Qatar, Oman and Saudi Arabia — ploughed in another Dh6.5 billion, taking the total investment from the GCC nationals to reach Dh19 billion.

 “We are extremely proud of these positive results, as they reflect a building momentum in Dubai’s real estate market which has now reasserted itself on both the regional and global stage,” Sultan Butti Bin Mejren, Director General, DLD, said.

“We are certain that the future will see even more demand, especially in light of the government's declaration of forthcoming major projects,” he added.

[Image via Shutterstock]