DUBAI 1 August 2017: Indians and Pakistanis have once again topped the list of foreign buyers of property in Dubai, while the Dubai Marina emerged as the hotspot for property transactions – in the first half of this year.
The H1 2017 Transactions Report by Real Estate Research and Studies unit at Dubai Land Department said 27,381 transactions were completed by 21,574 investors, generating a total investment value of Dh58 billion.
The report highlighted that 6,253 female investors completed 7,341 transactions worth Dh15 billion.
Emirati investors ranked first for both number and value of transactions, completing 4,510 transactions worth Dh15 billion, followed by Saudi nationals in second place with a total of 1,936 transactions worth Dh4 billion. The total value generated by GCC investors increased by 16% compared to the same period last year, with 7,665 transactions worth Dh21.7 billion.
Arab and Foreign Investors
When looking at Arab investors, Egyptians and Jordanians took first and second places respectively. The total value of Arab investments reached Dh8 billion, representing a 25.5% increase compared to the same period last year, generated by 4,654 Arab investors, a 40% increase compared to the same period.
Among foreign investors, Indian, Pakistani, British, Chinese and Canadian nationals took the first five places, with 15,062 investors generating a total value of Dh28.6 billion. These figures represent a 35% increase in investor numbers and a 34% increase in value compared to the first six months of 2016.
Areas in High Demand
The report also shed light on the top ten areas in Dubai for both number and value of transactions. Dubai Marina took first place with 2,529 transactions, followed by Business Bay with 2,146 transactions, Al Barsha South 4 with 2,001 transactions, Jebel Ali 1 with 1,931 transactions, and in fifth place Al Thaniya 5 with 1,501 transactions.
In terms of value, Palm Jumeirah topped the chart with transactions worth Dh9.5 billion, followed by Dh6.5 billion for Business Bay, Dh5.8 billion for both the Burj Khalifa and Dubai Marina areas, and Dh5.6 billion for Al Wasl area.
Dubai Land Department) said total real estate transactions in first half of this year reached Dh132 billion, achieved through 35,571 sales, mortgages and other transactions.
By Eudore R. Chand