Dubai real estate attracted multi-billion dollar investments in 2011

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A view of apartment complexes in Dubai Marina. Photo - fassinoimmobiliare.com

According to the Land Department’s 2011 report, citizens of the Gulf Cooperation Council invested around AED12 billion ($3.27bn) in Dubai’s real estate sector last year.

The report added that British and Indian nationals invested huge sums of money in plots and villas in 2011.

Emirati nationals topped the list of investors in apartments segment of the real estate market. The number of real estate transactions in 2011 increased 20% to AED143 billion ($38.93bn) compared to 2010.

“The quantity, quality and procedures of the land transactions reflect the recovery and growth of the real estate market in Dubai due to the direct and unlimited support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors,” Sultan Butti Bin Mejren, Director-General of the Land Department, said in a statement.

He also added that the quality of transactions helped bring stability to the market stability and increased awareness among investors.

Source: Gulf News

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