Indian, British and Paksitani nationals more than doubled their investment in Dubai’s real estate market in 2013 compared to 2012, topping the list of 140 expatriate property buyers.
The total investment in properties by Indians rose to Dh18 billion in 2013, the latest Dubai Land Department (DLD) figures reveal. Information mailed to Emirates24|7 last year had put the Indian investment at Dh8bn in 2012.
Britons invested Dh10.4bn in 2013 compared to Dh5bn in 2012, while Pakistanis bought properties worth Dh8.6bn compared to Dh4bn in 2012.
The total value of non-Arab investment in the real estate market amounted to over Dh69bn, spread between 140 nationalities.
DLD did not give the investment figures of other non-Arab investors, but said the list includes citizens from Iran, Russia, Canada, America, China, France and Germany.
Of the Dh236bn in real estate transactions done in 2013, nearly Dh114bn was investment from 160 foreign nationalities (Arabs and non-Arabs).
Citizens of Gulf Cooperation Council (GCC) contributed Dh33 billion from 7,548 investors. Emiratis bought properties worth Dh24bn, while citizens of Saudi Arabia came in at second place with transactions of Dh4.6bn.
The remaining Dh1bn was the four remaining GCC countries: Oman, Qatar, Bahrain and Kuwait.
Arab investors from outside of the GCC contributed significantly to real estate activity as well, with their total value of investment being over Dh12bn.
A total of 16 Arab nationalities invested in the realty market, with Jordanian investors topping the list with Dh2.6bn. They were followed by citizens of Lebanon, Egypt, Syria, Iraq, Yemen, Sudan, Palestine and Libya.
Attractive for investors
“Just as in previous years, Dubai’s real estate market has succeeded in attracting investors from across the world,” said Sultan Butti Bin Mejren, Director-General, DLD.
“Our registry has recorded that there were more than 160 foreign nationalities making property transactions in the emirate last year, which further confirms the strength and stability of the Dubai real estate market and the country’s wider economy.
"Investors from around the world are finding that Dubai is offering a particularly attractive climate to undertake property business.”
He emphasised that the city is now the focus of attention from investors across world and the sector is expected to expand significantly, encouraged by the “feel good” factor and optimistic atmosphere that has accompanied the news of the Expo 2020 win.
Knight Frank, UK-based consultancy, expects prices in Dubai to rise by 10 to 15 per cent in 2014 with the emirate being placed third in the list of world’s 20 most dynamic cities.
Follow Emirates 24|7 on Google News.