Indians invested Dhs 20bn in Dubai’s property market in 2015

The value of real estate investment transactions in Dubai rose almost 24 per cent year-on-year to reach Dhs 135bn in 2015, the Dubai Land Department said in its annual report.

The number of investors – from over 150 countries – also grew by 34.8 per cent to reach 55,928.

Close to 6,600 Emiratis invested over Dhs 26bn into Dubai’s property market, accounting for the biggest slab in terms of values, the report found.

Meanwhile Indians topped the list of foreign investors with 8,756 individuals purchasing property worth more than Dhs 20bn last year.

Investors from the United Kingdom – numbering 4,889 – came second, spending Dhs 10bn while Pakistanis came third purchasing Dhs 8bn worth of real estate in Dubai.

Iranians were the fourth-biggest investors, spending Dhs 4.6bn, while Canadian buyers made up the top five with investments worth Dhs 3.7bn last year.

Regionally, investments by nationals of the Gulf Cooperation Council countries grew by 37.5 per cent to reach Dhs 44bn last year, DLD stated.

Saudi nationals bought property worth Dhs 9bn, up 73 per cent from 2014 with investor numbers also growing by 18.7 per cent to 3,259.

Investments from non-Gulf Arabs reached over Dhs 16.9bn, with Jordanians topping the list in 2015 (1,516 investors spent Dhs 3.5bn).

Egyptians spent over Dhs 2.55bn while Lebanese investors rounded off the top three buying property worth over Dhs 2.53bn.

DLD director general Sultan Butti bin Mejren said: “The sheer diversity of investors in Dubai’s real estate market is an overwhelming endorsement of the products that we have to offer.

“Dubai enjoys an extremely high degree of acceptance from international investors because of its attributes and its return on investment factors that have been revealed from studies on the UAE’s state of stability and the continuing growth of its economy.”

He also said credited increasing investments from the GCC for helping protect Dubai’s property market.

“We are reassured with the size of investments from the citizens of the UAE, in addition to the enormous demand from other GCC countries.

“Investment from Gulf state nationals provides the market with a strong shield from seasonal fluctuations.”

Residential property prices fell by around 10 per cent in Dubai last year as oversupply and the global economic slump weighed on the market.

Experts have cautioned that prices could fall further in 2016.