Indians are top investors in Dubai real estate

Dubai - 5,246 Indians invested in Dubai property while 1,913 Pakistanis bought real estate in the emirate.

Indians topped the investors' list in Dubai’s real estate sector last year, according to official figures released on Saturday.

A total of 5,246 Indians has invested in the property market in the emirate as per the Dubai Land Department (DLD) records, followed by the 5,172 Emiratis.

As many as 2,198 Saudi investors chosen asset in Dubai. Chinese investors in Dubai real estate number to 2,096 followed by the UK with 2,088.

The investors from Pakistan came sixth with 1,913 followed by Egypt (955), Jordan (855), the US (682) and Canada (678).

Toppers in investment value

Indians also topped in investment value, pumping more than Dh10.89 billion last year into the emirate’s property sector, followed by Dh8.1 billion by Emiratis, Dh4.92 billion from Saudi Arabia, Dh3.97 billion from the British investors and Dh3.65 billion by the Chinese nationals.

Investors from Pakistan pumped in Dh2.79 billion into the emirate’s real estate sector last year, followed by Jordan (Dh1.57 billion) Egypt (Dh1.42 billion), France (Dh1.1 billion) and the USA (Dh1.25 billion).

“The year 2020, and the difficult challenges it brought, was a clear example of full coordination between all government departments on one hand and the wise leadership on the other, as a collective effort necessary to confront crises,” said Sultan Butti bin Mejren, director-general of DLD.

Majida Ali Rashid, CEO for real estate promotion and investment management sector at DLD, said Dubai remains one of the few investment destinations that maintain the growth fundamentals that represent a strong momentum in the latter half of the year while benefiting from the enabling factors provided by the government to address the consequences of the pandemic.

“The sector achieved a growth rate of 3.66 per cent during Q1 2020 compared to Q1 2019, which achieved a growth rate of 3.09 per cent.

Despite the negative economic growth rates for Q1 2020, the sector’s performance and its contribution to GDP growth is still positive, and it is strongly reflected in the growth of the emirate’s GDP in the same period by eight per cent; this positive trend will continue during 2020 and the coming years,” said Majida.

Transactions

Approximately Dh226 billion worth real estate transactions were carried out in 2019 compared to Dh221 billion in 2018, with a growth rate of 2.1 per cent, the DLD said.

The value of real estate sales reached Dh81 billion in 2019 compared to Dh77 billion in 2018, with a growth rate of nearly five per cent. The value of real estate mortgages reached Dh125 billion in 2019 compared to Dh120 billion in 2018, growing by nearly four per cent.

waheedabbas@khaleejtimes.com