Investment in Dubai’s real estate reached AED 35 billion in the first quarter of 2014, an increase of 57 percent from last year, according to latest data from Dubai Land Department. The number of investors has also risen up 81 percent, with Indians remaining top foreign buyers in the emirate.
Dubai’s real estate authority revealed that Emiratis contributed the most in the sector, investing around AED 7 billion in the first quarter of this year. Indians continue to be top expat buyers with 2,414 people buying and investments worth of AED 5.895 billion. They are followed by British expats pouring more than AED 3 billion into Dubai’s real estate market and Pakistanis with AED 2.4 billion. Another AED 3 billion were invested by nationals of GCC states – Saudi Arabia with AED 1.8 billion and Qatar with AED 1.25 billion. Lebanese citizens bought property worth AED 652 million, nationals from Iraq contributed with AED 561 million, and investors from Jordan spent AED 548 million in the first quarter of 2014.
Overall, Dubai’s property market saw 9,602 non-Arab investors from 111 nationalities, who invested more than AED 20 billion in Q1 2014. The total amount of investment in the sector reached AED 35 billion, up 57 percent over the same period of the last year. The report also states that there were around 13,280 individuals realizing property transactions, which is also an increase of 81 percent from the 7,339 investors in Q1 2013. Total real estate transactions rose 38 percent to AED 61 billion from AED 44 billion over the same period in 2013.
The positive outlook for Dubai’s economic state, the mature investment environment, the transparent law system, and the well-developed infrastructure are the major drivers of the growth in the real estate market, according to Sultan Butti Bin Mejren, Director General of the DLD. These all contribute to the investors’ confidence and the improving image of Dubai as a stable, reliable and promising hotspot for investment.
