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For the past several years, foreigners have been purchasing properties, including luxurious flats in Dubai’s glittering high-rises. As of the first three months of the year, international buyers from 123 nationalities poured billions of dirhams into the emirate’s real estate market.
The affluent investors in the Gulf Cooperation Council (GCC) states registered the biggest chunk in property investments, amounting to Dh9 billion, in the first quarter, followed by Arabs ( Dh3 billion) and foreigners (Dh12 billion)
Wealthy Indians remain the biggest non-Arab buyers of properties in Dubai, the Dubai Land Department (DLD) estimates. During the first quarter of the year, more than 1,000 Indians invested a combined amount of Dh3.04 billion in various properties.
British nationals are also parking money in the emirate, emerging as the second-top buyers. The land department says that a total of 699 investors from the United Kingdom invested Dh1.892 billion in Dubai’s real estate in the first quarter.
The third-biggest amount of foreign property transactions during the last three months originated from the pockets of Pakistani nationals with Dh1.892 billion in transactions. In terms of investor numbers, however, Pakistanis come second with a total of 699 investors.
The Indians, British and Pakistanis are followed by Iranians and Russians who poured Dh633 million and Dh509 million, respectively, into Dubai.
When all the other investments from the rest of the buyers are taken into account, Dubai’s real estate sector attracted Dh64 billion in total investments during the first quarter of 2015, an increase of Dh3 billion on the same period a year ago.
“The figures in this report are showing a well-established trust in our real estate market,” said Sultan Butti Bin Mejren, director general of DLD.
Buyers from the Gulf Cooperation Council (GCC) region accounted for the biggest share of the investment transactions, which amounted to Dh9 billion from 1,964 buyers.
Among the GCC nationals, Emirati buyers are topping the list with total transactions of Dh5.799 billion from 980 investors.
Saudi Arabian buyers come second with transactions worth Dh1.890 billion from 604 investors. Third on the list are Kuwaiti nationals, who bought properties worth Dh500 million.
Qatari nationals purchased Dh522 million worth of properties, while Omani nationals secured a total of Dh147 million worth of real estate.
At the bottom of the list are investors from Bahrain, who acquired a total of Dh199 million worth of properties.
Arab investors originating outside the GCC accounted for Dh3 billion worth of investments.
Jordanians are taking the lead with nearly Dh708 million worth of deals, followed by Egyptians (Dh390 million), Lebanese (Dh505 million) and Iraqis (379 million).
The rest of the amount originated from the pockets of investors from Yemen, Sudan, Palestine and Algeria.
Source: Cleofe Maceda, Senior Web Reporter, gulfnews.com