Dubai welcomes Dh6.8bn property investment from GCC

01/08/2011 - Dubai Property News Posted by Neil King
Dubai welcomes Dh6.8bn property investment from GCC

Dubai's property market benefited significantly from investment from Gulf Co-operation Council (GCC) countries in the first six months of the year.That is according to Sultan bin Majran, director general of Dubai's land and property corporation, who claimed that property investments from other Gulf oil producers hit Dh6.8 billion in the six months to June this year.The figures also revealed that the half year saw property transactions totalDh30 billion including Dh16 billion on apartments and Dh12 billion on land and other properties.Sultan bin Majran commented: "According to the property registrar in Dubai, investors from the other GCC countries accounted for nearly 23 per cent of the total as their investments are estimated at Dh6.814 billion."The news comes after ACW Holdings announced its intention to build five new properties in Dubai by the end of next year.According to the firm, the decision to focus on development rather than sales has allowed to continue growing during a tough economic period in the emirate.