According to a recent official report, transactions by UAE investors in Dubai real estate in 2013 surpassed the combined transactions made by 7 major foreign investing countries including Pakistan, China, Iran, USA, Canada, France and Germany.
A total of 5,424 UAE investors accounted for a total investment of Dhs24,727bn, while the total transactions from seven overseas counties amounted to Dhs23,157bn, split among the following countries: Pakistan (Dhs8,635bn), China (Dhs1,345bn), Iran (Dhs5,529bn), USA (Dhs2,194bn), Canada (Dhs2,934bn), France (Dhs1,397bn) and Germany (Dhs1,123bn).
Many other statistics of real-estate investments were highlighted as Dubai gears to host the 10th International Property Market (IPS) from 8 – 10 April 2014 with participations from 80 countries.
The exhibition will feature 300 exhibitors, 60% of whom are property developers, while 40% are operating in property-related sectors.
“The fact that 5,424 UAE investors made bigger transactions than that the 14,853 foreign investors from major investing counties demonstrates that the real estate industry sector has a strong appeal among local investors as much among foreign investors,” said HE Sultan Butti Bin Mejren, Director General of the Dubai Land Department. “It is a healthy sign that the UAE reality market is driven by local investments. Today as never before, Dubai is a preferred lifestyle and investment destination for people of different nationalities.”
He added: “The UAE is strongly placed to succeed further in the real estate sector which is a major force in the economy. We learnt it the hard way and are now wiser and therefore qualified to excel, especially in the run-up to Expo 2020. We think that IPS 2014 will be an outstanding event as the flourishing market will definitely be translated with more exhibitors, more deals and more visitors.”
He added: “With more transparent laws and tighter regulations we have introduced, we feel that we are on the right track,” added HE Bin Mejren.
Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show, said: “The hesitancy among foreign investors is steadily disappearing and Dubai is regaining its position as a major real-estate hub. The Emirate is hosting and organising best-in-class events relevant to this industry. It is clear enough that the UAE, and Dubai in particular, has a very promising future and vast potential for growth.”
“We unveiled 12 major regional projects in the previous edition of IPS and anticipating a way more in the 2014 edition. We feel that the 10th edition of IPS will be a milestone in the history of the exhibition as more than 20,000 visitors are expected to come and interact with prominent property developers.”
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