British investors spent AED2.5 billion on Dubai property

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dubai aerial view
An aerial view of Dubai. Photo – AP

Dubai continued to attract more and more investors from the United Kingdom with Brits being ranked third on a list of popular foreign investors in Dubai, a report said on Thursday.

Investor confidence in Dubai looks to have improved since the 2009 financial crisis which left the emirate struggling after the property bubble burst. Dubai’s economy has shown consistent signs of recovery. Investment in the emirate is more attractive due to unprecedented security for investors compared to many other European or Western locations.

British investors bought a total of 1564 properties in Dubai in the first half of 2012, worth roughly AED2.5 billion. Indian investors purchased properties worth around AED3.75 billion followed by Pakistani investors who bought 1814 properties worth AED1.71 billion. This highlights that whilst Pakistani investors obtained more units than British investors, they spent less money than Brits on their Dubai properties.

The Real Estate Investment Promotion and Management Centre (REIPMC) at the Dubai Land Department (DLD) said that in the first half of the year, the value of direct foreign investments in Dubai exceeded DH22 billion with foreign investors obtaining 12,875 properties.

“The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials,” Majida Ali Rashid, chairwoman, REIPMC said.

Investors from Russia, Iran, Saudi Arabia, US, Canada and Jordan also bought a substantial amount of property in the emirate, but British, Pakistani and Indian investors dominated the foreign investment market.

With locations such as the cosmopolitan Dubai Marina being favoured by Brits for its central, buzzing location and array of amenities, it is easy to see why investors spent so much money in the world class city.

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