Saudis second biggest non-local player in Dubai real estate
RIYADH, 22 days ago
Saudi Arabian investors have emerged as second biggest players in Dubai's real estate sector among the Gulf states with 3,294 transactions worth Dh8 billion ($2.17 billion) last year, according to a report issued by Dubai Land Department (DLD).
The statistics demonstrate an annual growth in the real estate investment in Dubai by GCC investors, particularly from Saudi Arabia, it stated.
Saudi Arabian investors occupy the second position among the non-local real estate investors in Dubai while the Indian investors with Dh12 billion ($3.2 billion) worth of property transactions topped the list. They led the way both in terms of volume and value last year, said the DLD report.
"The Saudi investments in Dubai’s real estate market are governed by quantitative and qualitative investments," stated Walid Farghal, the director general Strategic Marketing & Exhibitions, organisers of International Property Show (IPS) which is officially supported by DLD.
The prime reason for the investments is the positive investment climate offered by Dubai, along with the economic stability in the city, which promises lucrative returns on the real estate investments," he remarked.
Secondly, the policies incorporated by the Dubai government are clear and transparent which are encouraging Saudi investment in Dubai’s real estate, said Farghal.
"Furthermore Dubai is considered to be a haven for security and stability which attracts investors from within and outside the region alike," he added.
A recent report released by DLD stated that the real estate market showcased an influential start in 2017 with total transactions in the first 45 days amounting to Dh42 billion, as compared to the total investments in 2016 which was Dh91 billion for the whole year.
Farghal pointed out that the real estate industry in Dubai will see a steady growth in 2017 and the coming years.
"In addition, the Dubai real estate sector will continue witnessing investments from Saudi Arabia, because of its concrete and transparent policies and industry-driven shows as the International Property Show which serve as a strategic platform for experts in the industry to discuss and share best practices," he added.-TradeArabia News Service