Indians top investors in Dubai property
Indians are the biggest overseas investors in Dubai property, according to the Dubai Land Department (DLD).
The first half of this year saw Indian investors spend more than Dh10.5bn (US$2.85bn), out of a total of Dh37.5bn – a significant rise from H1 2013, when they put Dh8bn into the emirate’s property market.
Including domestic investment, Dh113bn worth of property deals were done in Dubai during the first six months of 2014, a total of 17,289 transactions.
“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. We are certain that the future will see even more demand, especially in light of the government’s declaration of forthcoming major projects,” says Sultan Butti bin Mejren, Director General of the DLD.
According to EC Harris’ 2014 International Focus on the UAE report, the value of announced and planned projects in the UAE this year is expected to be Dh1.15trillion (US$315billion). As of May 2014, Dh778billion worth of projects are already underway. Dubai was highlighted for its megaprojects and growing tourist industry.
British and Pakistani investors were also keen on Dubai, coming second and third on the DLD’s list: the British were involved in 2,258 transactions worth Dh5.8bn, while Pakistanis followed with 3,064 transactions worth Dh4.5bn.
Iranian, Canadian, Russian, US and Chinese investors all spent over ADh1bn. Jordanians topped the list of Arab investors, spending Dh1.34bn.