Overseas investors pump $36bn in Dubai real estateby Paromita Dey on Jan 19, 2016
The value of real estate investment by overseas buyers in Dubai in 2015 exceeded $36bn (AED135bn), up 24% from $30bn (AED109bn) in 2014.
According to Dubai Land Department's annual report, investments by GCC nationals in 2015 stood at $12bn (AED44bn), with Emiratis accounting for $7bn (AED26.1bn).
Investments by Saudis jumped by 73%, to $2.4bn (AED9bn), with the number of investors leaping by 86% to 3,259.
Indians topped the list of non-Arab foreign investors in terms of numbers, with more than $5.4bn (AED20bn) of real estate purchases in 2015, followed by Britons who spent $2.7bn (AED10bn) and Pakistanis came third, buying $2bn (AED8bn) worth of properties.
Director general of the Dubai Land Department, Sultan Butti bin Mejren said: "Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment."
He noted: "Investments pumped by Gulf nationals provides Dubai's property market with a strong protection from seasonal fluctuations."
- Saudi: Dar Al Arkan's Q3 net profit up 21%
- UAE's EGA opens container terminal in Guinea
- JLL: Abu Dhabi real estate continues to decline
- Saudi: Construction sector poses risk to banks
- Artar: Developers must ease pressure on investors
- UAE's RAK Properties set to expand in India
- Siemens presents metro train to Riyadh authority
- Saudi Arabia tests rail link from Riyadh to border
- Aldar to open Yas Acres Phase 3 homes sale in Oct
- UAE: ALEC signs enterprise agreement with Aconex