Investment by Gulf Cooperation Council (GCC) nationals in Dubai’s realty market surpassed Dh19 billion in the first half of 2014 as the Dubai Land Department (DLD) announced.
UAE nationals accounted for transactions worth Dh12.5 billion in the city’s property sector from January 1 to July 1. The amount represents almost double the Dh6.5 billion figure invested by all other GCC nationals merged.
UAE national investors made 2,513 dealings worth a total of Dh12.568 billion in the first six months of the recent year to take top spot, well above all other investors in Dubai’s real estate market, according to the director-general of the DLD, Sultan Butti bin Mejren.
The figure signifies the great demand from UAE nationals in investing in property in Dubai and sends out a bolstering message to all other categories of investors. In addition to intensifying confidence in the market, it gives solid foundations that will guarantee its sustainability and long-term steadiness.
The wise policy practiced by the government of Dubai has generated incentives that are persuading smart realty investors from across the world. The achievement of this policy, as evinced through the complete volume of investments made by GCC people, points to the rising trust placed in Dubai’s property sector. This buoyancy will spread out to all corners of the world and fascinate and foreign citizens from countries outside of the nation.
Citizens of Saudi Arabia were ranked second on the list of GCC realty investment after making 1,121 dealings worth Dh3.371 billion in the first half of 2014. Qataris came in third with 113 dealings worth Dh1.463 billion.
Kuwaitis were listed at fourth place with 263 transactions worth Dh839 million and Omanis were in fifth spot with transactions worth Dh482 million. Bahrain nationals filled the sixth position.
After Emiratis, the biggest investors in the Dubai real estate division include Indians, Britons and Pakistanis, the DLD revealed.