Dubai property investments surge 57% the first quarter of 2014
Investment in Dubai’s real estate market totaled Dh35 billion ($9.54 billion) in the first quarter of 2014, up 57 per cent from the same period last year, figures from the Dubai Land Department (DLD) reveal, according to a Gulf Business report.
The emirate’s real estate authority reported that the number of investors in Dubai’s property market had also risen notably. In the first quarter of 2014, there were around 13,279 individuals carrying out property transactions, up 81 per cent from the 7,339 during the same period last year. Emiratis contributed to the bulk of property investments in the period, investing around Dh7 billion.
Indians continued to be the top foreign investors in the emirate’s real estate market with investments worth Dh5.8 billion. Britons poured a total of Dh3 billion into Dubai’s property sector while Pakistani investors spent around Dh2 billion.
GCC states injected investments worth Dh3 billion in the period, with investors from Saudi Arabia buying property worth Dh1.8 billion and Qatari investors conducting transactions worth Dh1.25 billion.
In the wider Arab region, Lebanese nationals spent around Dh652 million in the Dubai property market, followed by investors from Iraq and Jordan with transactions worth Dh561 million and Dh548 million respectively.
“The increase in the value of transactions and the numbers of investors in the first three months of this year over the same period last year is something that can be attributed to Dubai’s promising economic outlook, the maturation of its investment environment, its strong infrastructure and its transparent legislation,” said Sultan Butti Bin Mejren, director general of DLD.
“The diverse array of nationalities putting their money into Dubai’s property sector and the high value of the investments being made confirms the city’s attraction for real estate investment, especially when compared to other property markets in the region.”
Dubai’s real estate prices rose more than 30 per cent in 2013 as the industry benefited from an improved economic outlook and the emirate’s Expo 2020 win. Surging prices have also led to developers launching a number of mixed-use residential projects in the last few months.
Though authorities have taken a number of measures to regulate the property market and reduce practices such as flipping and speculation, the International Monetary Fund has warned of an impending bubble in Dubai’s housing market if current prices are sustained. Recent reports have also suggested that prices in some areas of Dubai have reached 2008 levels, triggering fears of a bubble.
Investment in Dubai’s real estate market totaled Dh35 billion ($9.54 billion) in the first quarter of 2014, up 57 per cent from the same period last year, figures from the Dubai Land Department (DLD) reveal, according to a Gulf Business report. The emirate’s real estate authority reported that the number of investors in Dubai’s property market had also risen notably. In the first quarter of 2014, there were around 13,279 individuals carrying out property transactions, up 81 per cent from the 7,339 during the same period last year. Emiratis contributed to the bulk of property investments in the period, investing...
Investment in Dubai’s real estate market totaled Dh35 billion ($9.54 billion) in the first quarter of 2014, up 57 per cent from the same period last year, figures from the Dubai Land Department (DLD) reveal, according to a Gulf Business report.
The emirate’s real estate authority reported that the number of investors in Dubai’s property market had also risen notably. In the first quarter of 2014, there were around 13,279 individuals carrying out property transactions, up 81 per cent from the 7,339 during the same period last year. Emiratis contributed to the bulk of property investments in the period, investing around Dh7 billion.
Indians continued to be the top foreign investors in the emirate’s real estate market with investments worth Dh5.8 billion. Britons poured a total of Dh3 billion into Dubai’s property sector while Pakistani investors spent around Dh2 billion.
GCC states injected investments worth Dh3 billion in the period, with investors from Saudi Arabia buying property worth Dh1.8 billion and Qatari investors conducting transactions worth Dh1.25 billion.
In the wider Arab region, Lebanese nationals spent around Dh652 million in the Dubai property market, followed by investors from Iraq and Jordan with transactions worth Dh561 million and Dh548 million respectively.
“The increase in the value of transactions and the numbers of investors in the first three months of this year over the same period last year is something that can be attributed to Dubai’s promising economic outlook, the maturation of its investment environment, its strong infrastructure and its transparent legislation,” said Sultan Butti Bin Mejren, director general of DLD.
“The diverse array of nationalities putting their money into Dubai’s property sector and the high value of the investments being made confirms the city’s attraction for real estate investment, especially when compared to other property markets in the region.”
Dubai’s real estate prices rose more than 30 per cent in 2013 as the industry benefited from an improved economic outlook and the emirate’s Expo 2020 win. Surging prices have also led to developers launching a number of mixed-use residential projects in the last few months.
Though authorities have taken a number of measures to regulate the property market and reduce practices such as flipping and speculation, the International Monetary Fund has warned of an impending bubble in Dubai’s housing market if current prices are sustained. Recent reports have also suggested that prices in some areas of Dubai have reached 2008 levels, triggering fears of a bubble.
