Dubai property remains one of the world’s most sought-after investment assets, with 64 billion AED spent in the first quarter of the year.
- Investors purchase 64 billion AED worth of Dubai property in the first quarter of the year
- Dubai Marina and Business Bay see the most purchasing activity
- DLD figures show Emiratis and Britons are major purchasers of Dubai property
Investors and homeowners purchased 64 billion AED (£11.16 billion) worth of Dubai property in the first quarter of 2015.
The figures from the Dubai Land Department (DLD) reveal 24 billion AED of this was through property and land sales, while the remaining 37 billion AED accounts for new mortgages for property transactions.
The areas of the emirate that saw the most purchasing activity were the ever-popular Dubai Marina and Business Bay, where 1,202 units were sold for a combined total of 1.84 billion AED.
DLD said that 11 billion AED of the sales were for buildings and individual units – 8.4 billion AED of which was residential units, Dh2.2bn was for business units and the remainder for buildings. The most popular areas for unit sales were Business Bay, where 1,202 units were sold for a combined Dh1.84bn, and Dubai Marina.
GCC investors spent 9 billion AED of the 24 billion AED worth of land and property bought, with almost two-thirds of this money coming from Emiratis and 1.9 billion AED invested by Saudis.
Indian purchasers secured 3 billion AED worth of properties, while British buyers retained their appetite for Dubai property, spending almost 2 billion AED. Pakistanis, Iranian and Russian buyers also featured in the five nationalities of non-Arab investors.
DLD Director General Sultan Butti bin Mejren said: “The figures in this report are showing a well-established trust in our real estate market.”
A recent report from JLL on the Dubai property market in the first quarter shows that investors earned 7% annual growth on apartment assets, while villa prices increased by 6%.