|By TAP Staff| Indians were the biggest foreign investors in Dubai property in the first half of this year, while Saudis dominated the GCC investors.
According to statistics published by the Dubai Land Department, more than Dh10.5 billion was invested into the emirate’s property market by Indians out of a total of Dh37.5 billion spent by foreigners in the first six months of the year. During the same period last year Indians invested Dh8 billion in properties in Dubai property.
“To say that we are delighted with the real estate investment transaction figures from January 1 to July 1 would be an understatement,” said Sultan Butti bin Mejren, the director general of the Land Department.
“We are extremely proud of these positive results, as they reflect a building momentum in Dubai’s real estate market which has now reasserted itself on both the regional and global stage. We are certain that the future will see even more demand, especially in light of the government’s declaration of forthcoming major projects,” he added. British investors accounted for Dh5.8 billion in the first half. Pakistanis accounted for Dh4.5 billion, the Land Department said.
Saudi investors accounted for 53 percent of Dubai real estate investments in the first half of the current year with Dh3.37 billion. investments of the GCC citizens (with the exception of the UAE citizens) in the city touched nearly Dh6.5 billion during the first half of the current year.
Lagging behind the Saudis, Qatari citizens captured 23 percent of the GCC property investments in Dubai, followed by the Kuwaitis (13 percent), the Omanis (7 percent) and the Bahrainis (4 percent), according to the report.