Dubai Property Buyers From Subcontinent to U.K. Lead Deal SurgeZainab Fattah
Indians, Pakistanis and Britons were the biggest foreign buyers of Dubai property in the first half, leading a jump in investment by foreigners outside the Arab world, the emirate’s Land Department said.
Property sales totaled 53 billion dirhams ($14.4 billion) in the period, the government agency said without providing a year-earlier figure. Spending increased among all the regions described in the report, including a rise of 73 percent to 32 billion dirhams among buyers outside the Gulf region and the rest of the Middle East.
Dubai’s property market, which suffered one of the world’s worst real estate crashes in 2008, is rebounding after almost three years of standstill. The report indicates that the Arab Spring revolutions in countries such as Egypt, Syria, Yemen, Tunisia and Libya haven’t significantly changed the mix of investors in a property market long dominated by the U.K., India and Pakistan.
Spending by Arab buyers outside of the six Gulf Cooperation Council countries jumped by 111 percent to 5 billion dirhams, the most of any category, the data showed. Citizens of the United Arab Emirates, which includes Dubai, and the GCC invested 16 billion dirhams, a 57 percent increase.
Among non-Arab foreigners, Indians bought 8 billion dirhams worth of real estate followed by Britons with 4 billion dirhams and Pakistanis with 3 billion dirhams, the report showed. U.A.E. citizens led Gulf investors with 12 billion dirhams spent on 2,765 transactions. Saudis were the second-biggest GCC buyers with 2 billion dirhams and Kuwait came in third with 360 million dirhams.