Indians top foreign investors in Dubai realty
Dubai: Indians are top foreign investors in Dubai's real estate market, with transactions of over Rs 132.6 billion made by them during the first half of 2013, according to an official report.
Dubai's Land Department announced the statistics based on its semi-annual report that revealed a significant increase in funds invested in the market, reaching Rs 877.5 billion.
In the first six months of 2013, Indians bought properties worth over Rs 132 billion, compared to Rs 149 billion they invested in the entire 2012, the report said.
Total investment of UAE nationals in the realty sector was Rs 199 billion, which equalled the entire amount they spent last year.
"Dubai's real estate market is a lucrative one for its stability, diversity and promise of high return on investment. These factors continue to inspire confidence in local, regional and international investors alike, whose transactions in turn contribute to sustained momentum of the market's growth - signifying complete recovery from the global financial crisis," Sultan Butti Bin Mejren, Director General of the land department, said.
A break-down in investments shows that Arab investors contributed to approximately Rs 82.7 billion- a 111 per cent increase in spending, Gulf nationals to over Rs 264.8 billion - a 57 percent increase in spending, and other foreign investors registering a 73 percent increase.
Pakistani investors spent over Rs 49.7 billion while British investors spent Rs 66.3 billion in spending, the statistics showed.
"An increase in the volume of investors from diverse backgrounds, reflects the success of various policies and initiatives introduced by the government of Dubai throughout the year, which have had an invaluable impact on attracting investment from all over the globe who look for a safe and rewarding place to spend," Bin Mejren said.
Citizens of the UAE ranked first among Gulf investors with a total of 2,765 investors. Citizens of Saudi Arabia ranked second with 605 investors. Kuwait came in third with 141, followed by Qatar, Oman and Bahrain.
Bin Mejren said that strategies launched by the land department aimed primarily at recovery are aimed at attracting more investment to the market, by offering support to the development of mega projects and advertising lucrative investment opportunities.