Foreigners pump Dhs22b in Dubai realty

The Real Estate Investment Promotion and Management Centre (REIPMC) at the Dubai Land Department announced that the total value of direct foreign investments in the emirate’s real estate sector exceeded Dhs22 billion, mainly pumped by foreign investors of various nationalities to buy 12,875 properties 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. She added that the increased investor confidence in Dubai properties and the growth of deals and transactions in terms of quality and quantity represent positive indicators for further growth, which the government of Dubai is seeking and nurturing to secure a better future for the country and its citizens. She highlighted that the information gained from the research and study section of the real estate development department show that foreign investors’ purchases in freehold projects in Dubai are still dominated by Indians who claimed the first spot since foreign ownership regulations were applied. Indian investors have bought a total of 2,153 properties valued at Dhs3.751 billion, while Pakistanis came second with a total of 1,814 properties at Dhs1.713 billion. She further explained that British investors bought a total of 1,564 properties, ranking third in terms of the number of purchased units, while Russian and Iranian investors competed for the fourth and fifth positions, with Iranians buying 1,057 properties and Russian bought 694 properties. Saudi investors came sixth in terms of property ownership in Dubai, as they bought 416 units in the first half of the year, followed by American investors who claimed the seventh position with 415 properties. Canadians came eighth as they bought 329 properties. According to official records, Jordanian investors purchased 268 properties, while investors from other nationalities bought a total of 4,165 properties. Sultan Al Akraf, senior director of the real estate registration services at the department, said that the figures recorded at the department reflect an ongoing upside trend and a positive growth in the real estate market performance in the emirate, which receives direct support from the government that exerts all possible efforts to ensure market stability and growth to attract more investors and boost their confidence.