Sunday, February 10, 2013

Arab and foreign investors put in Dhs58bn in Dubai property sector ...

Sultan Butti Bin Mejrin, Director General of the Land Department, said that Dubai property sector is attracting ever growing number of GCC, Arab and Foreign investors. Total number of investors during the last year reached 18,635. According to Bin Mejrin, GCC nationals played a vital role in the sector by investing a total of Dhs17.7bn in the past year in plots, apartments and villas transactions.

He added that the LD is focusing on achieving property revival and attracting new investments. He noted that foreign investor confidence in Dubai property sector is unlimited. Total of 13,573 foreign investors pumped Dhs36bn in Dubai property sector. Indians take the lead with Dhs9bn worth of investments, while British came second with Dhs5bn. Pakistanis invested Dhs4bn in 2012, Russians spent Dhs2bn while other nationalities' investments accounted for Dhs16bn in the sector last year.

According to the director general, the official statistics documented by Real Estate Research and Data Section of LD's Real Estate Development Department showed that Dubai Property Sector is witnessing overwhelming response from investors. This shows Dubai's ability to fully recover from the impacts of global financial crisis and proves the vitality and resilience of its economy.

Total of 2955 GCC nationals invested in Dubai property sector in 2012, UAE nationals took the lead with Dhs13bn, while Saudi investment totaled to Dhs2bn.

2109 Arab investors invested Dhs5bn in Dubai last year, Jordanians were in the lead followed by the Lebanese, Egyptians and Iraqis.

These figures, according to Bin Mejrin, reflect the growing recovery and rebound in the real estate sector with direct support from the local government who spares no effort in stabilizing the market and enhancing real estate investments as well as boosting investor confidence.


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