Local buyers spend $5.2bn on Dubai property

Emiratis the most prominent investors in the first half of 2014

NEWS, Business

Investment from GCC nationals in Dubai's property sector stood at $5.2bn (AED19bn) for the first half of 2014, with UAE buyers responsible for two-thirds of these deals, according to the Dubai Land Department (DLD).

However, their investment was topped by spending from overseas investors.

Buyers from India, Pakistan and the UK alone spent $5.7bn (AED20.8bn) on properties, which Cityscape Group director Wouter Molman argues is do to the success of government policies put in place to regulate Dubai's property market.

In 2013, nationals from 162 countries spent $31bn on Dubai property, according to DLD figures.

Molman said these figures underline the "strength and stability" of the local market. He said that the Cityscape's organisers, Informa Exhibitions, expects thousands of visitors when the show runs from 21-23 September.

The event will also house three conferences - the Global Real Estate Summit, Future Cities and the Real Estate Brokers Summit - which are expected to attract more than 1,000 delegates and speakers.

Panellist Christophe Reech said: “The Middle East property sector is going in the right direction by adopting international standards, in term of transparency and market rules, which is increasing investor confidence in the market.

“International investors are attracted by this level of rationality and can recognise that the Middle East is a promising and exciting market to be a part of.

"As long as investors understand the cycles, and know that the pipeline of development is not timed randomly but follows a logical pattern, then they can carry out their investments with certainty.”

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