Indians top Dubai non-Arab property investors with $828 mn
27 April 2015
Dubai's lucrative real estate sector has witnessed an investment of about AED24 billion ($6.5 billion) from 123 nationalities across the world through 8,650 transactions in the first quarter of 2015.
Wealthy Indian nationals were ranked first in the emirate's non-Arab real estate buyers with a total investment of AED3.04 billion ($828 million) through 1,293 deals, comprising a quarter of the category.
According to Dubai Land Department's (DLD's) latest annual report, property investments in Dubai totaled AED24 billion in the first quarter, comprising AED9 billion from affluent Gulf Cooperative Council (GCC) nationals, AED3 billion from Arab nationals and AED12 billion from foreigners.
Investors from Pakistan came in second in the foreigner's category with 953 investors with a total of AED1.39 billion worth of investment. Britain came in third with 699 investors with property purchases worth AED1.89 billion followed by Iran and Russia with total investments of AED633 million and AED509 million, respectively.
According to the report, total deals, including sales, mortgages and other transactions, exceeded AED64 billion in Q1, a 5-per cent increase over last year. Over AED52 billion related to land sales and mortgages while AED11 billion were for buildings, three-quarters of which were residential units.
DLD's director general Sultan Butti Bin Mejren said: ''The figures in this report are showing a well-established trust in our real estate market, as well as full preparations and readiness with for quantum leaps in the next few years to receive the Expo 2020."
In terms of building localities, Business Bay area came first with value of deals reaching AED1.85 billion followed by Dubai Marina with AED1.18 billion, and Al Thunaya 5 with AED568 million.
So far as land deals were concerned, the prime area was Al Yafra 2 with a total investment of about AED1.5 billion followed by Al Hebya with AED1 billion and Al Warsan with transactions worth AED357 million.
Of the GCC investors, investment by the UAE nationals formed the lion's share with transactions of AED 5.8 billion. Saudi Arabians came in second with AED1.9 billion followed by Kuwaiti and Qatari nationals with AED500 million and AED522 million, respectively.
As for Arab investors which comprised 15 nationalities, Jordanians invested the highest amount with AED708 million followed by Lebanese with AED505 million, Egyptians with AED390 million and Iraqis with AED379 million.