Indians were the second largest group of investors in the Dubai property market after Emiratis in H1 2016, according to new data from the Dubai Land Department (DLD).
UAE nationals ploughed AED 14.523 billion (US$3.9 billion) into 4,543 properties, while Indians invested AED 7.27 billion ($1.9 billion).
Nearly 26,000 investors, comprising 149 nationalities, made total investments worth AED 57 billion (US15.5 billion) in the Dubai real estate market during the first six months of the year, the department said.
Gulf Cooperation Council (GCC) investors pumped in AED 22 billion ($5.98 billion) through 8,000 deals. After the UAE, Saudi Arabia was the second biggest source market for investment during the period, spending AED 4 billion ($1.08 billion) through 1,946 transactions. Kuwaitis came in third with more than AED 1 billion ($272 million) with 743 transactions, followed by Qatari, Omani and Bahraini nationals.
In terms of Arab investors, 16 nationalities from outside the GCC contributed more than AED 7 billion ($1.9 billion) through 7,577 deals. Jordanians ranked first, with investments of more than AED 1.5 billion ($400 million) through 765 transactions followed by Egyptians who invested AED 1.37 billion (372 million) through 710 transactions and Lebanese at more than AED 1 billion ($272 million) through 423 transactions.
In terms of expat investors, after Indians, British citizens were the second biggest group of purchasers of property, splashing out AED 4 billion ($1.08 billion) through 2,010 transactions, followed by Pakistanis with AED 3 billion ($816 million) through 2,073 transactions.
DLD director general Sultan Butti Bin Merjen said: “The Dubai real estate market has managed to maintain its robust appeal this year and is now emerging as one of the foremost property investment destinations in the world, bolstered by the decline in some regional economies and serious challenges faced by other countries around the globe."
Last month the DLD unveiled the initial findings from its H1 2016 transactions report revealing AED 113 billion ($30.7 billion) of transactions - including sales, mortgage, investment and other deals – were made in Dubai in the first six months of the year. The latest figures only relate to investment transactions.