The Dubai Land Department has announced that funds invested in the emirates’ real estate market has reached Dh53 billion, with Emiratis ranking highest among Gulf investors with Dh12 billion in spending.
A break-down of the investment shows that Arab investors contributed to approximately Dh5 billion — a 111 per cent increase in spending, other Gulf nationals (including those from the UAE) to over Dh16 billion — a 57 per cent increase in spending, and foreign investors with over Dh32 billion — a 73 per cent 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 Emiratis ranked first among the 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 Dh12 billion. Saudi Arabia ranked second with 605 investors and Dh2 billion, Kuwaitis came in third with 141 investors and investments exceeding Dh360 million, followed by Qatar, Oman and Bahrain.
The report also shows that India came in first place among foreign (non-Arab) investors with 499 and transactions worth over Dh8 billion, Pakistani investors came in second place with 3,285 investors spending over Dh3 billion, followed by British investors with 2,389 and over Dh4 billion in spending.
Findings also indicate a growing number of Arab investors, with Jordan taking first place with 598 spending Dh1 billion, Lebanon in second with 437 and Dh884 million in spending and Egypt ranking third with 388 and Dh753 million invested.
Commenting on the statistics, Sultan Butti Bin Mejren, the Director General of the Land Department, said in a press release that “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 in 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.”-Wam