Indians top Dubai property purchases

The Real Estate Investment Promotion and Management Centre at the Dubai Land Department announced that the total value of direct foreign investments in the emirate’s real estate sector exceeded Dh22 billion Foreign investors of various nationalities bought 12,875 properties during the first half of 2012, it said. “The real estate sector... has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials,” said Majida Ali Rashid, chairwoman of the Real Estate Investment Promotion and Management Centre. Foreign investors’ purchases in freehold projects in Dubai are still dominated by Indians, who have claimed the first spot since foreign ownership regulations were applied. Indian investors have bought a total of 2,153 properties valued at Dh3.751 billion, while Pakistanis came second with a total of 1,814 properties at Dh1.713 billion. British investors bought a total of 1,564 properties worth Dh2,529 billion, ranking third. Iranians bought 1,057 properties worth Dh1,515 billion, while Russians bought 694 properties at a total value of Dh1,438 billion. Saudi investors came in sixth with 416 units worth Dh1,059 billion, followed by Americans with 415 properties valued at Dh694 million. Canadians came in eighth with 329 properties worth Dh754 million. Jordanians purchased 268 properties worth Dh460 million, while other nationalities bought a total of 4,165 properties valued at Dh8,234 billion.