Foreign buyers spend 3.8 billion Dubai real estate
Over recent months, many experts have reported that the market for Property In Dubai is beginning to turn a corner. Rising demand for high quality property and stabilising prices have resulted in overseas buyers returning to the emirate in increasing numbers.
Now, new official figures show that almost 13,000 Properties In Dubai were purchased by overseas buyers in the first half of 2012, worth over £3.8 billion. Keep reading to learn more about Dubai’s improving property market.
Foreigners spend $6 billion on Dubai Property in 2012
According to the most recent figures from the Dubai Land Department, overseas property investors spent over $6 billion (£3.8 billion) on Property In Dubai in the first half of 2012.
Overseas buyers purchased 12,875 properties between January and June 2012, with Indians making up the highest proportion of buyers with a total of 2,153 properties purchased. They were followed by Pakistanis (1,814 properties), Britons (1,564 properties) and Iranians (1,057 properties).
Russians, Saudis, Americans and Canadians were also well represented among the buying nations and purchased over 1,050 properties between them.
The average price that an overseas buyer paid for a Property In Dubai in the first six months of 2012 was $466,020 (£295,000).
Majida Ali Rashid of the Dubai Land Department said: “The real estate sector performance [has been] 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.”
After some difficult years, there are certainly plenty of signs that the property market in Dubai is recovering. With almost £4 billion of property being snapped up by foreign buyers in 2012, it is clear that investors are again tuned in to the potential that property in the emirate offers.