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GCC investment in Dubai's real estate market exceeded Dh19 billion in the first half of the year, according to the Research and Real Estate Studies Department of the Dubai Land Department(DLD).
UAE nationals accounted for the lion's share of this figure, with transactions worth Dh12.56 billion from January 1 to July 1. The amount represents almost double the Dh6.5 billion invested by all other GCC nationals.
"UAE investors made 2,513 transactions worth a total of Dh12.56 billion in the first six months of the year, and in doing so were placed at the top spot, well above all other invest ors in Dubai's real estate market," said Sultan Bin Butti Bin Mejren, Director General of the DLD. "'The figure indicates the great demand from UAE nationals in investing in property in Dubai and sends out a reassuring message to all investors.
"In addition to strengthening confidence in the market, it provides solid foundations that will ensure sustainability and longterm stability."
Saudi Arabia ranked second on the list with Dh3.37 billion from 1,121 transactions. Qataris were third with 113 transactions worth Dh1.46 billion. followed by Kuwaitis with 263 transactions worth Dh839 million and Omanis with transactions worth Dh482 million. Bahrain occupied the sixth position with investments totalling Dh247 million.
"The wise policy pursued by the government of Dubai has created incentives that are encouraging smart real estate investors from across the world,"' said Bin Mejren. "The success of this policy, as evinced through the sheer volume of investments made by GCC citizens, points to the increasing trust placed in Dubai's property sector.
"This confidence will radiate to all comers of the globe and attract foreign nationals from countries outside the region."
Click on Dubai Investments and learn more about developments in Dubai real estate
Source: Property Weekly