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Real estate investments in Dubai totalled Dh35 billion during the first quarter, representing a 57 per cent increase over the same period last year, the Dubai Land Department (DLD) has announced. The number of investors also rose significantly in the same period. with 13,279 individuals making transactions compared to 7,339 in the first three months of last year, an increase of 81 per cent.
The figures released by the DLD's Real Estate Sector Development Department also revealed that investors from 133 countries made real estate investments in Dubai during this period. Emiratis ranked highest among the investors in terms of the value of investments, with Indians making up the largest number of foreign investors.
"The diverse array of nationalities putting their money into Dubai's property sector and the high value of the investments being made confirm the city's attraction for real estate investment, especially when compared to other property markets in the region," said Sultan Bin Butti Bin Mejren, Director General of the DLD.
"The increase in the value of transactions and the number of investors in the first three months of this year over the same period last year is something that can be attributed to Dubai's promising economic outlook, the maturity of its investment environment, its strong infrastructure and its transparent legislation."
The DLD report, which tracked property transaction activities over the course of the year, showed that 1,228 Emiratis made investments worth nearly Dh7 billion. GCC countries contributed Dh3 billion, with 583 Saudi citizens contributing Dh1.8 billion, Qatar accounted for Dh1.25 billion in investments, Oman Dh344 million, Kuwait Dh312 million and Bahrain Dh160 million.
Some 1,599 investors from 16 Arab countries outside the GCC invested more than Dh3 billion during the first quarter. Lebanon had the highest percentage with 247 of its citizens creating an expenditure of Dh652 million. They were followed by Iraqis with Dh561 million and Jordanians with Dh548 million.
A total of 9,602 international investors from 111 countries outside the Arab world were responsible for property transactions worth more than Dh20 billion in the first quarter. The statistics revealed that Indians were at the top spot for international investment, both in terms of the number of investors (2,414) and the amount of expenditure (Dh5.89 billion).
British citizens were ranked second, making Dh3.14 billion worth of investments, followed by Pakistanis with investments totalling Dh2.41 billion.
Source: Property Weekly, gulfnews.com