Indians are top foreign property owners in Dubai
Foreign ownership in emirate’s real estate sector exceeds Dh39bn
Foreigners pumped more than Dh39 billion into Dubai’s property sector in 2011 and Indians emerged as the largest investors, followed by Britons.
The investments covered 23,196 freehold properties and accounted for more than a quarter of the total property market of Dh143 billion during 2011.
The figures, published by the Sharjah-based Alkhaleej Arabic language newspaper, showed Indians invested around Dh6.97 billion in 4,176 properties, nearly 18 per cent of the total foreign ownership.
The figures by the Dubai Land and Property Department showed Britons were the second largest investors, pumping around Dh4.79 billon into 2,949 units. They were followed by Pakistanis, with around Dh2.44 billion, Iranians with nearly Dh3.8 billion, Russians with Dh2.03 billion, Americans with about Dh1.19 billion and Saudis with Dh1.44 billion.
Other key investors were the Canadians with Dh1.13 billion, Jordanians with Dh825 million and Lebanese with Dh629 million.
“There was an upsurge in the property market last year due to the support of the government, which will spare no effort to ensure market stability and win the confidence of investors,” the paper said, quoting Sultan Butti bin Mujrin, the Department’s director general.
“The large value of property transactions last year proves that the situation is back to normal, speculators are out, the property market is becoming mature and investors have become more aware of the significance of long-term investment in the emirate’s real estate sector.”