Indians biggest first time buyers of Dubai property

Indians have topped the list of first-time property buyers in Dubai for 2011, having bought properties worth Dh2.1 billion, Dubai Land Department (DLD) data reveals. “The Indians topped the list of new investors in Dubai properties and conducted 927 transactions worth Dh2.1 billion. This represents 16 per cent of the overall value of transactions carried out by new investors,” the  department said in a statement. “New” money flowing into the Dubai property market for last year totaled Dh13.125 billion. Though the data did not specify the nationality coming second, it said the UAE nationals came third, having invested Dh1.575 billion. The number of active investors last year reached 6,403 with investment worth Dh12 billion. Here, the UAE nationals topped the list, representing 30 per cent of the active investors in transaction terms and 49 per cent in value terms. The Indians came in second, investing Dh1.2 billion in  value terms. As per the department, the total number of landlords reached 18,892 last year. Asian investors formed 68 per cent of the overall number of investors with the UAE nationals topping the list with 35 per cent representation of the overall number of Asian landlords, followed by Indians at 20 per cent. Egyptians ranked first among African landlords – the total number being 815. They formed 25 per cent of the overall numbers, followed by South African at 11 per cent and Kenyans at 10 per cent. British citizens topped the list of European investors, representing 47 per cent of the overall 3,849 landlords from Europe. Russians were second at 17 per cent, with Italians third at seven per cent. Overall in 2011, the department recorded 35,297 transactions worth Dh143 billion — a 20 per cent increase compared to 2010. Mortgages formed 60 per cent of the total transactions, which the DLD said indicates the “recovery of the property financing and the return of healthy activities.” Earlier this week, Emirates 24| reported that property sales in Dubai had soared 54 per cent with values rising 32 per cent in the first quarter of 2012 compared to same period last year. A total of 654 land sales, comprising apartments, villas and townhouses, were registered compared to 426 year-on-year. In value terms, it reached Dh5.24 billion was registered against Dh3.96 billion. Total number of investors reached 24,607 who invested Dh47 billion. Out of that, the GCC nationals have put in Dh12 billion. Sultan Butti bin Mejren, DLD Director General, said: “The transactions’ quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct and unlimited support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.” He added that the total value of the transactions clearly reflect the unequivocal return of the real estate market to normal levels, the exit of speculators, the maturity of the real estate market, the increased investor awareness of the importance of long-term investment in this vital sector.