New Delhi: Indian nationals have emerged the largest non-Arab investors in Dubai’s real estate market, accounting for property transactions worth 3.040 billion Dhirams ($820.8 million) in the first quarter of 2015.
The Dubai Land Department's (DLD) annual report said a total of 11,603 real estate transactions in the emirate in the first quarter of 2015 exceeded 64 billion Dhirams ($17.28 billion).
The total value of non-Arab investments in Dubai real estate market’s amounted to more than 12 billion Dhirams.
“Indian nationals were ranked the highest value foreign investors, making…a total of AED 3.040 billion worth of property transactions through 1293 investors,” the DLD said in a statement. It did not give details of the Indian investors.
Pakistani nationals came in second among non-Arab investors, with a total of 953 transactions worth 1.392 billion Dhirams. British investment came third at 1.892 billion Dhirams through 699 investors.
They were followed by Iran and Russia with totals of 633 million Dhirams and 509 million Dhirams.
The DLD report stated that total value of transactions had increased by 3 billion Dhirams over the same period last year. A total of 1,964 investors from the Gulf Cooperation Council (GCC) states accounted for investments worth 9 billion Dhirams.
The agency said this increase was “proof of sustainable growth” as sales accounted for 8,000 transaction worth 24 billion Dhirams while mortgages accounted for more than 37 billion Dhirams.
Sultan Butti Bin Mejren, director general of DLD, said: “The figures in this report are showing a well-established trust in our real estate market, as well as full preparations and readiness with for quantum leaps in the next few years."