Indians dominate property buys in Dubai
Foreign investor purchases in freehold projects in Dubai are still dominated by Indians who retained the number one spot since foreign ownership regulations were applied, a new research has revealed.india Updated: Aug 15, 2012 20:59 IST
Foreign investor purchases in freehold projects in Dubai are still dominated by Indians who retained the number one spot since foreign ownership regulations were applied, a new research has revealed.
According to the Real Estate Investment Promotion and Management Centre at the Dubai Land Department (LD), Indian investors have bought a total of 2,153 properties valued at Rs. 5,670 crore (3.751 billion dirhams). Pakistanis are at the second spot for having bought a total of 1,814 properties at Rs. 4,400 crore (1.713 billion dirhams).
The research revealed that the total value of direct foreign investments in the real estate sector exceeded Rs. 33,300 crore (22 billion dirhams).
The funds were pumped by foreign investors of various nationalities to buy 12,875 roperties including buildings, lands, apartments and residential villas during the first half of 2012.
"The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials,"Majida Ali Rashid, Chairwoman of the Real Estate Investment Promotion and Management Centre, said.
Sultan Al Akraf, senior director of the real estate registration services at the Dubai Land Department, said the figures reflect an ongoing upside trend and a positive growth in the realty market performance.
He said the total value of real estate transactions has exceeded Rs. 95,380 crore (63 billion dirhams) in the first half of this year - a 21% growth year-on-year. The results have been achieved through 18,953 transactions.