Dhs37.5bn invested in Dubai real estate market in H1 2014
Dubai Land Department (DLD) has reported that total of 17,289 real estate transactions worth Dhs37.5bn were conducted in the first half of this year. The government organisation accompanied their announcement with a breakdown of nationalities making property investments in the first six months of 2014, which revealed that Jordanians topped the list of Arab investors, with Indian nationals ranked first for foreigner investment.
“To say that we are delighted with the real investment transaction figures from January 1st to July 1st would be an understatement,” said Sultan Butti Bin Mejren, Director General of DLD.
“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.
DLD’s report, issued by its Research and Real Estate Studies Department, revealed that Arab Investors completed a total of 3,058 transactions worth Dhs6,905bn in the first half of this year. Jordanians made 640 transactions to the value of Dhs1,347bn, with Lebanese nationals second on the list of Arab investors through their creation of 459 real estate deals worth a total of Dhs1.235bn. Egyptians came in at third place after being involved in transactions worth Dhs1,009bn. Arab investors from Iraq, Yemen, Libya, Sudan, Palestine and Algeria also made significant real estate transactions in the first six months of 2014, with investments below the level of Dhs1bn for each of these nationalities.
DLD’s list included the amount of real estate transactions conducted by foreign nationals, with investors from India, Pakistan, Britain, Canada, Russia, China, USA, France and Afghanistan involved in 14,231 property deals worth a total of Dhs30.533bn for the first half of 2014. Nationals from India were ranked first for foreign investment, making a total of 4,417 transactions worth Dhs10,523bn. British investors were in second place with 2,258 transactions worth Dhs5,811bn, followed by Pakistani investors with 3,064 transactions worth Dhs4.5bn.
Iranian and Canadian investors came in at fourth and fifth place, with transactions worth Dhs2.7bn and Dhs1.9bn respectively. Citizens from Russia, United States and China occupied sixth, seventh and eighth places, creating more than Dhs1bn worth of property invested in each category of national.