The Government of Dubai Land Department has announced that funds invested in the emirates’ real estate market has reached AED53 billion, with Emiratis ranking highest among Gulf investors with AED12 billion in spending – reports WAM.
A break-down of AED53 billion in investments shows that Arab investors contributed to approximately AED5 billion – a 111% increase in spending, other Gulf nationals (including those from the UAE) to over AED16 billion – a 57% increase in spending, and foreign investors with over AED32 billion – a 73% increase, according to the statistics on transactions made in the first half of 2013, based on the Land Department’s semi-annual report.
The Land Department explained that citizens of the UAE ranked first among Gulf investors – most likely stemming from their familiarity with the local market and the latest opportunities for investment, with a total number of 2,765 investors making transactions worth AED 12 billion.
Citizens of Saudi Arabia ranked second with 605 investors and AED2 billion, Kuwait came in third with 141 and investments exceeding AED360 million, followed by Qatar, Oman and Bahrain.
The report also shows that India came in the first place among foreign (non-Arab) investors with 499 and transactions made worth over AED8 billion, Pakistani investors came in second place with 3,285 investors spending over AED3 billion, followed by British investors with 2,389 and over AED4 billion in spending.
Findings also indicate a growing number of Arab investors, with Jordan taking first place with 598 spending AED1 billion, Lebanon in second with 437 and AED884 million in spending and Egypt ranking third with 388 and AED753 million invested.
Commenting on the statistics, the Director General of Land Department, Sultan Butti Bin Mejren, in a press release, said:
“Dubai’s real estate market is a lucrative one for its stability, diversity and promise of high return on investment. These factors continue to inspire confidence in local, regional and international investors alike, whose transactions in turn contribute to sustained momentum of the market’s growth – signifying complete recovery from the global financial crisis.”
“An increase in the volume of investors from diverse backgrounds reflects the success of various policies and initiatives introduced by the government of Dubai throughout the year, which have had an invaluable impact on attracting investment from all over the globe who look for a safe and rewarding place to spend,” he added.
He also noted that strategies launched by the Land Department aimed primarily at recovery are aimed at attracting more investment to the market, by offering support to the development of mega projects and advertising lucrative investment opportunities.
The official concluded that current statistics reveal that “beyond a doubt the coming period will be a promising one, where the Land Department expects to see an unprecedented amount of spending.”
Photo: George Shahda/Flickr