The Dubai Land Department said today that Indians were the biggest foreign investors in Dubai property in the first half of this year.
More than Dh10.5 billion was ploughed into the emirate’s property market by Indians out of a total of Dh37.5bn spent by foreigners in the first six months of the year, the Land Department said. During the same period last year Indians invested Dh8bn in properties in Dubai property.
The news follows the Land Department data published last month that showed Dh113bn of property deals were done in Dubai during the period, up from Dh108bn a year earlier.
“To say that we are delighted with the real estate investment transaction figures from January 1 to July 1 would be an understatement,” said Sultan Butti bin Mejren, the director general of the Land Department.
“We are extremely proud of these positive results, as they reflect a building momentum in Dubai’s real estate market which has now reasserted itself on both the regional and global stage. We are certain that the future will see even more demand, especially in light of the government’s declaration of forthcoming major projects,” he added.
A total of 17,289 property transactions were conducted during the first half.
Jordanians topped the list of investors from Arab countries, the Land Department said.
The Land Department’s research and real estate studies department said that investors from Arab countries made 3,058 transactions worth Dh6.9bn in the first half, with Jordanians accounting for 640 transactions for a value of Dh1.34bn.
British investors accounted for 2,258 transactions worth Dh5.8bn in the first half. Pakistanis accounted for 3,064 transactions worth Dh4.5 billion, the Land Department said.
A report from the broker JLL last month showed that house prices in the freehold areas of Dubai increased by an average of 6 per cent from April through June, down from the 10 per cent pace reported during the first three months of the year.
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