Indians now are the largest non-Arab investors in Dubai real estate in terms of value and volumes, according to Dubai Government Land Shining Department. They have invested $1.66b in Dubai’s real estate market in the last three years, including $4.93b in 2014, according to Dubai Land Department data.
“Many Indians consider Dubai as their second home.
Indians own the greatest number of apartments in the 160 stories and 828m high Burj Khalifa.
Arab real estate investments in Dubai stand at $3 so far in this year.
According to AMEInfo, the total value of real estate investments in Dubai by Arab Nationals from outside the GCC region amounted to $3 billion in the first 8 months of the current year. It is to be noted that an Arab National is a citizen carrying the nationality of any country member of the Arab League and duly documented resident in the UAE.
The total number of real estate deals reached 4,990, sealed by Arab Nationals from 16 nationalities. Of these, Jordanian nationals took the lead with 928 purchase deals at a value of $630m.
Lebanese nationals bought 702 properties for $490m, followed by Egyptians who concluded 809 purchase deals at a value of $440m and then came Iraqis with 544 properties at a value of $350m, according to data released by the Dubai Land Department.
Other Arab nationals who bought real estates in Dubai include Yemenis ($173.17m), Sudanese ($85.49m), Palestinians ($85.77m), Algerians ($74.33m) and Libyans ($70.79m).
Investors from other Arab nationalities bought property worth $408.41m.
According to the figures published by Al Bayan, the total value of real estate purchases by Gulf Cooperation Council nationals amounted to $3.08b in the same period, with Saudis accounting for more than half of this figure at $1.66b.