Lebanese rank as top Arab investors in Dubai
Indian nationals responsible for the majority of foreign investment
The Dubai Land Department (DLD) reported that Lebanese citizens generated the most Arab investment (outside the GCC) in Dubai real estate, with 247 citizens creating an expenditure of $177.5mn (AED652mn).
The figures, released by DLD’s Real Estate Sector Development Department, also found that Indians were at the top spot for international investment, both in terms of the number of investors which reached 2,414, and the amount of expenditure $1.6bn (AED5.895bn).
The DLD announced that Dubai's real estate sector's investments stood at $9.5bn (AED35bn) during the first quarter of 2014, up by 57% from the same period last year.
"The diverse array of nationalities putting their money into Dubai's property sector and the high value of the investments being made confirms the city's attraction for real estate investment, especially when compared to other property markets in the region," said Sultan Butti Bin Mejren, director general of DLD .
The government property agency also reported that the number of investors had risen 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%.
Emiratis ranked as highest among all investors in terms of the value of investments which reached $1.9bn (AED7bn) in Dubai’s real estate market, while GCC states contributed $816.7mn (AED3bn).