The Dubai Land Department (DLD) has announced that Dubai’s real estate sector’s investments totalled Dhs35bn during the first quarter of 2014, a figure that represents a 57% increase over the same period last year. 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%.
The figures released by DLD’s Real Estate Sector Development Department revealed that property transactions worth Dhs35bn were generated by international investors in Q1 2014, with 133 nationalities making real estate investments in Dubai during this period. Emiratis ranked as highest among all investors in terms of the value of investments, with Indians the largest number of foreign investors.
“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 HE Sultan Butti Bin Mejren, Director General of DLD. “The increase in the value of transactions and the numbers of investors in the first three months of this year over the same period last year is something that can be attributed to Dubai’s promising economic outlook, the maturation of its investment environment, its strong infrastructure and its transparent legislation,” he added.
The report from the Real Estate Sector Development Department, which tracks DLD’s property transaction activities over the course of the year, showed that 1,228 Emiratis made investments worth nearly Dhs7bn in Dubai’s real estate market, ranking them as the highest among all investors. Gulf Cooperation Council (GCC) states contributed Dhs3bn, with 583 Saudi citizens creating an expenditure of Dhs1.8bn, Qatar Dhs1.25bn, Oman Dhs344m, Kuwait Dhs312m and Bahrain Dhs160m.
Arab countries outside the GCC generated more than Dhs3bn during the first quarter of the year, with 1,599 nationals from 16 Arab countries making investments in Dubai’s property sector during this period. Lebanese nationals represented the highest%age of Arab investors, with 247 Lebanese citizens creating an expenditure of Dhs652m. Iraqis were in second place with investments worth Dhs561m, followed by Jordanians in third place making transactions valued at Dhs548m.
A total of 9,602 international investors from outside the Arab world were responsible for property transactions worth over Dhs20bn in Q1 2014, with the DLD database showing that 111 nationalities made deals in this period. The statistics revealed that Indians were at the top spot for international investment, both in terms of the number of investors (2,414) and the amount of expenditure (Dhs5.895bn). British citizens were ranked in second place making Dhs3.145bn worth of investments, followed by Pakistanis in third place with investments totalling Dhs2.410bn.
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