Irshad Salim — Indians and Pakistanis from South Asia have again emerged as one of the largest real estate investors in Dubai, reveals Dubai Land Department (DLD) database released this week.
Foreigners invested $41 billion in Dubai property during the past 18 months, report WAM News Agency
The DLD’s new list includes top 10 nationalities which invested in the city’s real estate sector during the period January 2016 through June 2017.
The list also confirms that UAE nationals are in the lead, outperforming all other nationalities — up to 217 nationalities have invested a total of AED151 billion in Dubai’s real estate market.
As per the list, Indian citizens invested about AED20.4 billion while Pakistani nationals invested about AED7 billion.
Indians and Pakistanis combined make up the largest expats population in the UAE.
The latest report, based on the number of registered transactions, confirms that UAE nationals outperformed all other nationalities by making the largest investment of about AED37.4 billion.
Saudis led the Gulf nations pack with AED12.5 billion worth of investment and UK citizens took lead position among the European nationalities with transactions worth AED9 billion.
“This list has been unveiled at a time when our real estate market is preparing for a new phase of growth in the run-up to Expo 2020. We are pleased to have witnessed such a high level of interest from global citizens in Dubai, who have invested over Dh151 billion across 71,000 real estate transactions in just 18 months,” said Sultan Butti bin Mejren, director general of DLD.
Egypt, China, Jordan, Lebanon and the US are the other countries who made it to the list of top 10 investors in Dubai.
Excluding investors from the top 10 nationalities, others registered in the DLD’s database made a total of 23,318 transactions amounting to a total value of AED48.67bn.