(MENAFN- Khaleej Times)UAE nationals accounted for the lion's share of investments in Dubai property in the first half of 2015 making investments worth Dh11.5 billion during the January-to-June period figures from by the Dubai Land Department or DLD show.
In a report the DLD had announced that approximately 20000 investors had spent Dh53 billion in Dubai's real estate market in the first half of 2015. This is a significant decline from the Dh113 billion spent on property deals in Dubai during the first six months of 2014. Indians continue to be the biggest foreign investors in Dubai property. The group spent Dh7.8 billion in 3017 transactions; this is however lower than the Dh10.5 billion in the same period last year. British investors accounted for Dh4.7 billion followed by Pakistanis who spent Dh3.3 billion in the first half. Canadians came in fourth with transactions worth Dh1.8 billion. Foreign investors from India Pakistan Britain Canada Russia China the United States France and Afghanistan cumulatively spent Dh30 billion in the first half of 2015. "The diversity in investors' nationalities shows that the Dubai market is international" said Sultan Butti bin Mejren director-general of the DLD. "Investor confidence is being cemented thanks to the real estate policies laid down by His Highness Shaikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler Dubai." "Foreign investment flows typically cater to the more affluent blue ribbon communities; this is partly due to the superior lifestyle that is offered in such areas as well as the 'holiday home' effect. Areas such as Downtown Dubai Dubai Marina Palm Jumeirah Emirates Living and Arabian Ranches are the preferred destinations for such investors. Areas such as Jumeirah Park Jumeirah Village Meydan and Sports City are also registering recent significant gains in terms of transactional activity" said Hussain Alladin head of research GCP Properties. "Investment patterns closely mirror the development of particular communities in the city; the more developed the area becomes the bigger the magnet in terms of attracting foreign inflows" Alladin added. GCC investors ploughed Dh17 billion into Dubai property in the first half of 2015. Buyers from Saudi Arabia made 999 property transactions worth Dh3.2 billion. Kuwait stood third followed by Qatar Bahrain and Oman. Meanwhile Jordanians topped the list of investors from Arab countries the DLD said. Jordanians made transactions worth Dh1.4 billion while Lebanese nationals were second having conducted Dh1.2 billion worth of transactions. Investors from Egypt stood third followed by those from Iraq Yemen Sudan Algeria Palestine and Morocco. Arab investors completed transactions worth more than Dh6 billion in the first half of 2015 says the DLD report. However according to JLL's second-quarter market report the Dubai real estate market continues to face downward pressure. Sale prices have dropped an average of eight per cent since June 2014. The number of residential transactions in the first half of 2015 has tumbled 69 per cent compared to the same period in 2014 as per DLD records. -
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