Dubai Real Estate Attracted $5.9 BN Foreign Investment In H1Wednesday, August 15, 2012
As per Dubai Land Department (DLD), Dubai real estate market remained successful in attracting foreign investment worth AED 22 bn in the first half of 2012. The Real Estate Investment Promotion and Management Centre reveals 12,875 properties have been purchased by foreign investors having various nationalities during the first six months of the year. The properties purchased by them include land, apartments, villas and buildings.
Its chairwoman, Majida Ali Rashid said over the past two years, performance of Dubai real estate sector has gained momentum. The number of foreign investors in Dubai real estate market is increasing which reflects the excellent growth potential and solid national economy. She also highlights that Indians dominated in investment in freehold projects during H1.
Indians bought 2,153 properties worth AED 3.751 bn whereas Pakistani bought 1,814 properties worth AED 1.713 bn, and so were the biggest buyers of Dubai property in H1. British, Iranian and Russian investors completed the top five portions by buying 1,564, 1,057 and 694 properties valuing AED 2.529 bn, AED 1.515 bn and 1.438 bn respectively. Canadians, Jordanians, Americans and Saudis also remained the prominent investors in Dubai property market during H1. Iranians snapped up property valuing $128 m in the first six months, in Burj Khalifa.
According to news, it was reported earlier this month that land transactions reached AED 63 bn in H1 indicating an increase of 21% from the same period last year. These land transactions included mortgage portfolios, mortgages, sales, ijarah, deferred sales and other transactions. Director General of Dubai Land Department, Sultan Butti bin Mejrin says that to the end of June, Dubai experienced an average of 133 transactions per day. This shows the positive growth of Dubai real estate market.