Foreign investors pumped some AED57 billion ($15.5bn) into Dubai’s real estate market in the first half of 2016, official data show.
The 26,000 investors are nationals of 149 countries, with the majority being from Gulf Cooperation Council (GCC) states, according to a report released by the Dubai Land Department (DLD).
“The Dubai real estate market has managed to maintain its robust appeal this year and is now emerging as one of the foremost property investment destinations in the world, bolstered by the decline in some regional economies and serious challenges faced by other countries around the globe,” said Sultan Butti Bin Merjen, Director General of the DLD.
The total value of deals did however drop 12.4% year-on-year in the first half, according to a report issued last week by DLD.
Citizens of the GCC contributed AED22 billion to the Dubai property market, over 8,000 transactions.
Investment by UAE nationals reached AED14.523 billion, over 4,543 transactions. Citizens of Saudi Arabia came in at second place with transactions reaching AED4 billion originating from 1,946 investments. Kuwaiti nationals made 743 transactions worth more than AED1 billion, followed by nationals from Qatar, Oman and Bahrain.
Arab investors from outside the GCC contributed more than AED7 billion to the real estate market in the first six months of 2016, with 7,577 investments made by 16 different nationalities.
The DLD’s report revealed that Jordanian investors were ranked first in this group, with 765 investments worth more than AED1.5 billion. They were followed by Egyptian citizens who invested AED1.37 billion stemming from 710 transactions, and the Lebanese whose investments amounted more than AED1 billion, which was derived from 423 transactions.
Additional foreign investment in the Dubai real estate market reached more than AED28 billion, drawn from 14,314 investments belonging to 149 nationalities. Indian nationals came in top of this investor field, making more than AED7 billion worth of property transactions arising from 3,656 transactions.
The British were listed second with a total of AED4 billion worth of property transactions resulting from 2,010 transactions, while Pakistani investments were third with AED3 billion, which was gained from 2,073 transactions.