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Dubai: Foreign ownership continues to drive Dubai’s realty, with more than Dh114 billion in transactions last year being attributed to these buyers, according to figures released by the Dubai Land Department. The overall number of transacted properties in the emirate last year was valued at Dh236 billion.
Indian passport holders represented the bulk of the purchases, followed by British and Pakistani nationals. In all, foreign nationals from 162 countries ended up buying real estate in Dubai in 2013. “Investors from around the world are finding that Dubai is offering a particularly attractive climate to undertake property business,” Sultan Butti Bin Mejren, director-general at the Land Department, said.
UAE and GCC nationals combined — totalling 7,548 investors — funded Dh33 billion of the overall transactions, with the former accounting for Dh24 billion. Saudis followed with Dh4.6 billion.
Arab investors from outside of the Gulf added a further Dh12 billion, with Jordanian nationals topping the list at Dh2.6 billion. Lebanese and Egyptians followed.
“The city is now the focus of attention from investors across the world and we expect the sector to expand significantly, encouraged by the ‘feel good’ factor that has accompanied the news of the [Expo] win.”
Robin Grey, country manager at Chesterton International, believes the present circumstances could also raise the interest of institutional investors.
“Funds and large investors from Asia typically sit on huge cash surpluses scouting for investment propositions,” said Teh.
“They are looking at commercial buildings, retail space and hotels as key assets since they directly stand to benefit from the Expo.
“Many local institutions such as Emirates REIT have also expanded their investment portfolio by accumulating assets such as [the] recent purchase of a floor at Index Tower.”
Source: Manoj Nair, Associate Editor, gulfnews.com