Indians, British make bulk of purchases in Dubai property
   
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Indians, British make bulk of purchases in Dubai property

Last Updated: Saturday, February 1, 2014, 20:31
 
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Indians, British make bulk of purchases in Dubai property
Dubai: Indians were at the top among foreign nationals in purchasing property in Dubai in 2013, followed by Britons and Pakistanis, according to a report.

Foreign nationals from 162 countries ended up buying real estate in Dubai in 2013, said the report.

"Investors from around the world are finding that Dubai is offering a particularly attractive climate to undertake property business," Sultan Butti Bin Mejren, director-general of the Dubai Land Department, was quoted as saying by Gulf News.

Foreign ownership continues to drive Dubai's realty, with more than USD 31 billion in transactions last year being attributed to these buyers, according to figures released by the Department.

The overall number of transacted properties in the emirate last year was valued at USD 64 billion. UAE and GCC nationals combined -- totalling 7,548 investors -- funded USD 8.9 billion of the overall transactions, with the former accounting for USD 6.5 billion. Saudis followed with USD 1.2 billion.

Arab investors from outside of the Gulf added a further USD 3.2 billion, with Jordanian nationals topping the list at USD 70 million while Lebanese and Egyptians followed.



PTI

First Published: Saturday, February 1, 2014, 20:29


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