186 billion AED has been invested in Dubai property so far this year, with developers and investors confident of future growth.
- Demand for Dubai property remains high with over 186 billion AED spent so far this year
- Investors from India and the UK both purchased significant amounts of Dubai property in the third quarter
- Investors are expecting the yields and growth generated by World Expo 2020 to secure their future returns
Property investment in Dubai totalled 186 billion AED in the first nine months of 2015.
The demand for property in the emirate was felt both domestically and from overseas, with foreign nationals accounting for over 42 billion AED worth of property investment.
Recently published figures for the third quarter reveal the highest volume of property was purchased by Indian investors who spent 5.2 billion AED on Dubai real estate. This sum was enough to push their total investment in 2015 to over 13 billion AED in the first nine months.
Indian investors have been searching for a market that yields high returns since the Reserve Bank of India increased the amount of capital that can be invested in foreign exchange without seeking permission to 917,500 AED per person per year from 459,000 AED.
British investors purchased 2.3 billion AED in the third quarter, which takes their total 2015 spend on Dubai realty to 7 billion AED.
The Dubai Land Department (DLD) has previously asserted the market, which has been synonymous with booming prices, is “heading towards a sustainable growth”.
“This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years,” Sultan Butti bin Mejren Director-General of the DLD said.
Dubai’s economic growth is set to be among the highest in the world over the next few years, and this, coupled with the huge increase in demand for accommodation associated with the World Expo 2020 trade fair, has left developers very confident about the growth prospects of the emirate’s property market.