Indians dominate property buys in Dubai

Foreign investor purchases in freehold projects in
Dubai are still dominated by Indians who retained the number one spot
since foreign ownership regulations were applied, a new research has
revealed.

According to the Real Estate Investment Promotion and
Management Centre at the Dubai Land Department (LD), Indian investors
have bought a total of 2,153 properties valued at Rs. 5,670 crore (3.751
billion dirhams). Pakistanis are at the second spot for having bought
a total of 1,814 properties at Rs. 4,400 crore (1.713 billion dirhams).

The research revealed that the total value of direct
foreign investments in the real estate sector exceeded Rs. 33,300 crore
(22 billion dirhams).

The funds were pumped by foreign investors of various
nationalities to buy 12,875 roperties including buildings, lands, apartments
and residential villas during the first half of 2012.

“The real estate sector performance is moving
from strength to strength over the past two years. The market has been
attracting more foreign investors, which reflects the solid national
economy and its excellent growth potentials,”Majida Ali Rashid,
Chairwoman of the Real Estate Investment Promotion and Management Centre,
said.

Sultan Al Akraf, senior director of the real estate
registration services at the Dubai Land Department, said the figures
reflect an ongoing upside trend and a positive growth in the realty
market performance.

He said the total value of real estate transactions
has exceeded Rs. 95,380 crore (63 billion dirhams) in the first half
of this year – a 21% growth year-on-year. The results have been
achieved through 18,953 transactions.