Growing international interest in Dubai’s property market saw foreign investors account for almost half of all real estate deals closed in the emirate in 2013.
- Investors from 162 countries closed property deals in Dubai last year
- Indian, British and Pakistani nationals led the way, ploughing a combined AED37 billion into Dubai’s real estate sector
- Further growth anticipated in wake of winning bid to host Expo 2020
New figures revealing that 162 countries carried out property transactions in Dubai over the past year highlights the immense appeal of the emirate to foreign investors.
Foreign investors accounted for almost half of all real estate deals in Dubai in the past 12 months, with Indians, Britons and Pakistanis generating the greatest amount of investment.
This is according to an investment report by Dubai Land Department (DLD), which published figures showing that of the total AED236 billion worth of real estate transactions in the city, international transactions accounted for AED114 billion.
With a total of AED18 billion worth of property transactions, Indian nationals were ranked first, followed by British investors with AED10.4 billion and Pakistanis with AED8.6 billion.
Russia, Canada, America, China, France and Germany also ploughed a substantial amount of investment into Dubai property, which one expert said “confirms the strength and stability of the Dubai real estate market and the country’s wider economy”.
Sultan Butti Bin Mejren, Director General of the Land Department, commented: “Investors from around the world are finding that Dubai is offering a particularly attractive climate to undertake property business.”
The DLD forecasts further growth in the Dubai property market this year, attributing an expected higher level of demand to the city’s winning bid to host Expo 2020.