Investors plough AED 58.6bn into Dubai

11/02/2013 - Dubai Property News Posted by Bob Brunskill
Investors plough AED 58.6bn into Dubai

Investors pumped an incredible AED 58.6 billion into Dubai's real estate sector in 2012, new figures have confirmed.Data supplied by the Dubai Land Department (DLD) showed that property traders from within the Gulf Co-operation Council (GCC) and beyond came back to the UAE in their droves over the last 12 months.The total number of investors securing new assets in the emirate was 18,635 last year.More than 13,500 of these came from outside the GCC and the figures confirmed that foreigners spent an impressive AED 36 billion on properties in Dubai throughout the 12-month period.India provided the largest proportion of overseas buyers, making AED 9 billion worth of purchases, while British citizens were also keen to take advantage of the city's resurgent real estate sector.UK residents spent AED 5 billion in 2012, closely followed by the AED 4 billion spent by nationals of Pakistan. Russians also committed AED 2 billion to UAE-based buildings.Members of the DLD said the response from investors all around the world has been "overwhelming" and this is a trend that looks likely to continue throughout 2013.Dubai has become a safe haven for property traders who are determined to boost their Middle Eastern portfolios and there are numerous reasons for this.The city has developed a reputation for being a playground for the rich and famous and investors are well aware that holidaymakers who visit Dubai generally spend plenty of money.In addition to this, the UAE benefits greatly from having a stable government.This is a factor that cannot be underestimated, as other countries in the Middle East and North Africa have been dogged by political turmoil in recent years, which has understandably put off a lot of wealthy foreigners.The DLD recently revealed the number of "on-hold building projects" in Dubai had fallen towards the end of last year, which was further proof that the emirate's construction sector was up and running again.Understandably, this has helped to restore investors' confidence in the city and the large number of exciting projects being completed also gives them plenty of choice when they look for new hotels, apartments and commercial space.The First Group can help you find new properties in Dubai