United Arab Emirates Property News

Dubai property sees overseas investment of $6 billion

Overseas property investors spent almost $6 billion (22 billion AED) on property in Dubai in the first half of 2012, according to the Dubai Land Department.

A total of 12,875 properties were purchased by overseas buyers of varying nationalities.
Indians were the dominant party, buying 2,153 properties, followed by Pakistanis (1,814 properties), Britons (1,564 properties) and Iranians (1,057 properties).

Russians, Saudis, Americans and Canadians also featured significantly, purchasing 1854 properties between them.

Total spend on property in Dubai for the first half of 2012 was $17 billion (65 billion AED), a 21% increase year-on-year, reflecting an upward trend in the market.

“The real estate sector performance [has been] moving from strength to strength over the past two years,” said Majida Ali Rashid of the Dubai Land Department, as reported by Gulf News. “The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials.”