Indians splash cash on Dubai property: Dh8bn in 2013 H1 vs Dh9bn in all of 2012

Published Tuesday, July 30, 2013

By Parag Deulgaonkar

UAE nationals have topped the overall list of property investors in Dubai in the first half of this year, with Indians remaining top expat investors, Dubai Land Department (DLD) data reveals.

In the first six months of 2013, Indians bought properties worth over Dh8 billion, compared to Dh9 billion they invested in the entire 2012.

Total investment of UAE nationals in the realty sector was Dh12 billion, which equalled the entire amount they spent last year.

Saudis pumped in Dh2 billion, the amount that they had invested in whole 2012. Kuwaitis invested Dh360 million, followed by Qataris, Omanis and Bahrainis. No figures were revealed.

Among expatriate buyers, British nationals came second with investments worth Dh4 billion compared to Dh5 billion last year. Pakistanis have already spend over Dh3 billion as against Dh4 billion investment in 2012.

Among Arab investors, Jordanians bought properties worth Dh1 billion, followed by Lebanese and Egyptians who spent Dh884 million and Dh753 million respectively.

Total new investment in the property sector reached Dh53 billion in the first six months. Arab investors contributed Dh5 billion, an increase of 111 per cent over the same period last year. Gulf nationals spend Dh16 billion, registering a rise of 57 per cent with foreign investors putting in Dh32 billion, an increase of 73 per cent.

Last week, DLD said the total value of property transactions rose by over 30 per cent to reach Dh108 billion compared to Dh80 billion registered in first half 2012.

https://www.emirates247.com/business/economy-finance/cash-is-king-80-of-dubai-flats-bought-in-cash-2013-07-17-1.514613

Sultan Butti bin Mejren, Director General, DLD, in a statement, said: "Dubai’s real estate market is a lucrative one for its stability, diversity and promise of high return on investment. These factors continue to inspire confidence in local, regional and international investors alike, whose transactions in turn contribute to sustained momentum of the market’s growth – signifying complete recovery from the global financial crisis.”

Knight Frank's first quarter 2013 Prime Global Cities Index has revealed that property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining its position among the top five best performing real estate markets in the world.

The index ranked the emirate fourth in the list of 29 global cities. Prices rose by 5.4 per cent in the last three months (December 2012 to March 2013), the third highest among the global cities compared.