H1 GCC investment in Dubai real estate tops $5.1bn
Report reveals Emirati investment reached $1.7bn for first six months
Dubai Land Department (DLD) has announced that the total sum of Gulf Cooperation Council (GCC) investment in Dubai's real estate market for the first half of 2014 has exceeded AED19bn ($5.1bn).
Emirati investment formed the lion's share of this figure, according to the report issued by DLD 's Research and Real Estate Studies Department, with UAE nationals making transactions of AED12.5bn ($3.4bn) in the city's property sector from 1 January to 1 July. The amount represents almost double the AED6.5bn ($1.7bn) figure invested by all other GCC nationals combined.
"UAE investors made 2,513 transactions worth a total of AED12.568bn ($3.4bn) in the first six months of the current year and in doing so, were placed at the GCC top spot well above all other investors in Dubai's real estate market," said Sultan Butti Bin Mejren director general of DLD .
"The figure indicates the great demand from UAE nationals in investing in property in Dubai and sends out a reassuring message to all other categories of investor. In addition to strengthening confidence in the market, it provides solid foundations that will ensure its sustainability and long-term stability," he added.
"The wise policy pursued by the government of Dubai has created incentives that are encouraging smart real estate investors from across the world. The success of this policy, as evinced through the sheer volume of investments made by GCC citizens, points to the increasing trust placed in Dubai's property sector. This confidence will radiate to all corners of the globe and attract and foreign nationals from countries outside of the region," continued Bin Mejren.
DLD 's report revealed that citizens of Saudi Arabia were ranked in second place on the list of GCC real estate investment after making 1,121 transactions worth AED3,371bn ($917mn) in the first half of 2014. Qataris came in at third place with 113 transactions worth AED1,463bn ($398mn), Kuwaitis were listed at fourth place with 263 transactions worth AED839mn ($228.4mn) and Omanis were in the fifth spot with transactions worth AED482mn ($131mn). Bahrain citizens occupied the sixth position after making transactions worth a total of AED247mn ($67mn) in the first six months of the year.