Indians biggest investors in Dubai property after Arab nationals
The biggest investors in Dubai property market after UAE nationals are Indians, according to Dubai Land Department (DLD) data taken from the first six months of 2016.
The data suggest that while UAE nationals (Emiratis) invested a total of Dh 14.523billion, through 4,543 investments, Indians put in Dh 7.27billion during the period. Indians were followed by British citizens who purchased property worth Dh 4bn through 2,010 transactions. Pakistanis came in fourth with Dh 3bn (2,073 transactions).
Indians have been living in Dubai for many decades and contributed immensely to the business and economic growth of UAE. A sizeable share of Indians are today represented in almost all the spheres of its workforce with a majority of the population serving in the manufacturing industries. Most of the Indian population resides in the posh locations of city areas of Dubai like Deira, Bur Dubai and Quasais. The majority of the Indians hail from the Southern state of Kerala. Apart from the working classes, there are also number of some big business houses in the city run by Indians having a vast chain of businesses across UAE.
Data from the department revealed that nearly 26,000 investors from 149 nationalities, have made total investments worth Dh 57 billion out of which expats invested over Dh 28bn through 14,314 deals. Currently, Dubai’s population is estimated to be over 2.25 million. The unprecedented growth of Dubai’s real estate market has attracted investors coming from all over the world.
Sultan Butti Bin Merjen, Director-General, DLD, said: “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.”
Emphasizing the future potential of the sector, he added “The diversity of the investor base reflects the extensive ranges of different products offered by the real estate sector in Dubai, along with the quality and trust that investors place in its national economy.”
The citizens of Gulf Cooperation Council (GCC) have contributed a whopping Dh22bn through 8,000 deals. Investors from UAE topped the listed, followed by citizens of Saudi Arabia who invested Dh4bn through 1,946 transactions. Kuwaitis came in third position with over Dh1bn (743 transactions), followed by Qatari, Omani and Bahraini nationals.
Arab investors hailing from 16 nationalities, from outside the GCC region have contributed over Dh 7bn through 7,577 deals. Among them, Jordanians secured top position, with investments of over Dh 1.5bn through 765 transactions followed by Egyptians with an investment to the tune of Dh 1.37bn (710 transactions) and Lebanese nationals with over Dh 1bn investments(423 transactions).