(MENAFN- Khaleej Times) Dubai property sector witnesses dh35b transactions in q1; indians remain on top.
indians britons and pakistanis remained the top three property investors in dubai during the first quarter of 2014 according to the dubai land department or dld.
the dld on saturday announced that investments in dubai’s real estate sector totalled dh35 billion during the first quarter of 2014 showing a 57 per cent increase over the same period last year.
a total of 9602 international investors from outside the arab world made property transactions worth over dh20 billion in the quarter with the dld database showing that 111 nationalities made deals in this period.
the statistics revealed that indians were at the top spot for international investment both in terms of the number of investors (2414) and the amount of expenditure (dh5.895 billion). british citizens were ranked in second place making dh3.145 billion worth of investments followed by pakistanis in third with investments totalling dh2.410 billion.
the property agency also reported that the number of investors had risen significantly in the same period with 13279 individuals making transactions compared to the 7339 in the first three months of last year — an increase of 81 per cent.
the figures released by the dld’s real estate sector development department revealed that property transactions worth dh35 billion were generated by international investors in the first quarter with 133 nationalities making real estate investments in dubai during this period. emiratis ranked as highest among all investors in terms of the value of investments with indians the largest number of foreign investors.
“the diverse array of nationalities putting their money into dubai’s property sector and the high value of the investments being made confirms the city’s attraction for real estate investment especially when compared to other property markets in the region” said sultan butti bin mejren director-general of the dld.
“the increase in the value of transactions and the numbers of investors in the first three months of this year over the same period last year is something that can be attributed to dubai’s promising economic outlook the maturation of its investment environment its strong infrastructure and its transparent legislation” he added.
the report from the real estate sector development department which tracks the dld’s property transaction activities over the course of the year showed that 1228 emiratis made investments worth nearly dh7 billion in dubai’s real estate market ranking them as the highest among all investors. gcc states contributed dh3 billion with 583 saudi citizens creating an expenditure of dh1.8 billion qatar with dh1.25 billion oman with dh344 million kuwait with dh312 million and bahrain with dh160 million.
arab countries outside the gcc generated more than dh3 billion during the first quarter of the year with 1599 nationals from 16 arab countries making investments in dubai’s property sector during this period.
lebanese nationals represented the highest percentage of arab investors with 247 lebanese citizens creating an expenditure of dh652 million.
iraqis were in second place with investments worth dh561 million followed by jordanians in third place making transactions valued at dh548 million. — abdulbasit?khaleejtimes.com
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