Emiratis, Indians top real estate investments in Dubai
Dubai, April 20, 2014
Emiratis ranked highest among all investors in Dubai during the first quarter of 2014, in terms of the value of investments, with Indians being the largest number of foreign investors.
Investments in Dubai's real estate sector totalled Dh35 billion ($9.53 billion) during the first quarter of 2014, a 57 per cent increase over the same period last year, the Dubai Land Department ( DLD ) has announced.
The agency said the number of investors also rose significantly in the same period, with 13,279 individuals making transactions compared to the 7,339 in the first three months of last year - an increase of 81 percent, according to a report in Zawiya website.
Quoting figures released by DLD's Real Estate Sector Development Department, it said 133 nationalities made real estate investments in Dubai during this period.
As many as 1,228 Emiratis made investments worth nearly Dh7 billion, while other GCC states contributed Dh3 billion, with 583 Saudi citizens investing Dh1.8 billion, Qatar Dh1.25 billion, Oman Dh344 million, Kuwait Dh312 million and Bahrain Dh 160 million.
Arab countries outside the GCC generated more than Dh3 billion with 1,599 nationals from 16 Arab countries making investments in Dubai's property sector.
A total of 9,602 international investors from outside the Arab world made transactions worth over Dh20 billion. Indians were at the top spot for international investment, both in terms of the number of investors (2,414) and the amount of expenditure (Dh5.895 billion). British citizens were ranked in second place making Dh3.145 billion worth of investments, followed by Pakistanis in third place with investments totalling Dh2.410 billion, the report said.