Dubai Land Department says property investment grows

The Dubai Land Department (DLD) has said that the amount and value of money put into Dubai’s real estate market from all of its main source markets increased in 2015. The department said that the amount of real estate investment transactions in Dubai last year exceeded Dh135 billion, which was 24 per cent higher than […]

The Dubai Land Department (DLD) has said that the amount and value of money put into Dubai’s real estate market from all of its main source markets increased in 2015.

The department said that the amount of real estate investment transactions in Dubai last year exceeded Dh135 billion, which was 24 per cent higher than the Dh109bn of transactions it reported in 2014.

The number of investors also grew to 55,298 – a 33 per cent climb on the 41,475 reported last year.

Investments by GCC nationals for 2015 stood at Dh44bn (2014: 32bn), with Emiratis responsible for Dh26.1bn (22.8bn) of this. Investment by Saudis jumped by 73 per cent according to DLD figures – up to Dh9bn (2014: Dh5.2bn), with the number of investors leaping by 86 per cent to 3,259 (2,745).

Non-Gulf arabs also increased their investment by a third to Dh16bn (Dh21bn), while investments from other, non-Arab nationalities climbed by 16 per cent to Dh74bn (Dh64bn).

Despite the fall in the value of the rupee, Indian investors upped their spending to Dh20bn (Dh18bn), British buyers spent Dh10bn (Dh9.4bn) and Pakistanis bought Dh8bn (Dh7.6bn) worth of properties.

Iranians were the fourth-biggest investors, spending Dh4.6bn, while Chinese investors spent almost Dh2.6bn, making them the seventh-biggest group of investors – just behind Canadian and Russian buyers, but ahead of those from the USA.

DLD director-general Sultan Butti Bin Merjen said: “Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment.”

mfahy@thenational.ae

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Source: Business

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