Overseas buyers channel Dh74b into Dubai realty

 

Indians and Britons continue to dominate by accounting for a combined Dh32b in 2015

 

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Overseas buyers channelled in more than half of the investments — Dh74 billion committed on Dubai realty last year, which totalled Dh135 billion. Indians, totalling 8,756 buyers, again made up the single largest demographic — after UAE nationals — with Dh22 billion worth of property purchases.

UK passport holders — 4,899 of them — came second among overseas buyers with Dh10 billion and Pakistani citizens were third with Dh8 billion and 6,106 buyers, according to figures released by Dubai Land Department.

Across, 2015, there were 35,165 foreign investors in Dubai realty, while taking into account all nationalities, the tally rose to 55,928.

“Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment,” said Sultan Butti Bin Merjen, Director-General of the Land Department.

UAE national investors accounted for Dh26.08 billion worth of property purchases, for a combined value of Dh26.08 billion. They were followed by Saudi nationals — 3,259 of whom pumped in Dh9 billion — and 1,117 Kuwaitis, who put in Dh3 billion.

In all, Gulf based buyers’ share was Dh44 billion. “Investment from Gulf nationals provides the market with a strong shield from seasonal fluctuations,” said Bin Mejren.

Dubai’s safe haven status for Arab investors continues to be enhanced. They accounted for Dh16 billion worth of transactions, from 8,325 individuals of 16 nationalities. Jordanian investors were ranked at the top, with 1,516 investors and more than Dh3.5 billion. They were followed by 1,390 Egyptian citizens who brought in Dh2.55 billion and 1,066 Lebanese investors with Dh2.53 billion. Significant investments were also made by buyers from Iraq, Yemen, Sudan, Palestine, Libya, and Algeria.

Property transactions were hit through the better part of last year by a strong dollar and a soft market that continued to see a softening in values. The strength of the dollar continues to be a steep hurdle for overseas investors

 

credit to Gulf News