(MENAFN- Khaleej Times) Non-resident Indians in Dubai were the leading real estate investors in the emirate in 2014, with Pakistan coming in second.
According to the Dubai Land Department (DLD), Indian nationals accounted for 7,353 property transactions valued at Dh18.123 billion, while investors from Pakistan accounted for 5,079 transactions worth Dh7.588 billion, followed by the British at Dh9.318 billion. Iran and Canada came next with Dh 4.5 billion and Dh3.157 billion, respectively.
The DLD added that the value of non-Arab investment in the emirate's real estate market amounted to more than Dh64 billion through 29,098 transactions, constituting 58.7 per cent of Dh109 billion investment transactions recorded in 2014.
In 2014, the total value of 53871 transactions, including sales and mortgages, recorded in Dubai exceeded Dh218 billion.
Sultan Butti bin Merjen, Director General of DLD, said the figures show that Dubai is the ideal investment location in the Middle East, and it is also competing with top investment cities in Asia and Europe. The report clearly shows the sustainable growth during the coming years towards the launch of Expo 2020.
The DLD investment report, which tracks the department's real estate transaction activities over the course of the year, revealed that citizens of the GCC contributed Dh32 billion of the real estate investment in 2014. Emirati investment formed the lion's share of this figure with a total transaction value of Dh 22.771 billion, while citizens of Saudi Arabia came in at second place with transactions worth Dh5.207 billion, followed by Kuwaiti nationals (Dh1.271 billion), Qatari nationals (Dh 1.969 billion), Bahraini nationals (Dh 483 million), and Omanis (Dh 613 million).
Arab investors contributed significantly to real estate activity last year with the total value of their 5,431 transactions touching Dh12 billion. The report revealed that Jordanian investors ranked top in terms of number of transactions with total 1,028 transactions at nearly Dh2.513 billion, followed by citizens of Egypt with 874 transactions worth Dh1.768 billion, Lebanese (Dh2.068 billion) and Iraqis (Dh 1.631 billion.
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