Indian investors emerge as top foreign property buyers in Dubai


DUBAI, UNITED ARAB EMIRATES – FEBRUARY 23: Workers clear the water at the bottom of the Burj Khalifa on February 23, 2012 in Dubai, United Arab Emirates. At 829.84 m (2723 ft) tall the Burj Khalifa is currently the tallest building in the world. (Image credit: Getty Images via @daylife)

Manama, Aug 15 (ANI): Indians have emerged as the top foreign property buyers in Dubai, ahead of their Pakistani and British counterparts, as foreign investors have injected more than Dh22 billion in the real estate sector in one of the largest cites in the United Arab Emirates (UAE).

According to government data for the first half of 2012, Indians, Pakistani and British buyers are dominating the real estate market in Dubai, with Indians purchasing 2,153 properties at a value of Dh3.75 billion, followed by Pakistanis who bought 1,814 properties valued at Dh1.713 billion.

“The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects a solid national economy and its excellent growth potential,” Gulf News quoted Majida Ali Rashid, chairwoman of the Real Estate Investment Promotion and Management Centre, as saying.

Majida said that foreign investors’ purchases in freehold projects in Dubai are still dominated by Indians, who have consistently claimed the first spot since foreign ownership regulations were implemented.

She added that British investors bought a total of 1,564 properties worth Dh2,529 billion, ranking third in terms of the number of units purchased, after the Pakistanis.

Earlier, Indian and Iranian investors were reported to be leading the way in snapping up luxury apartments and shop spaces in the tallest man-made structure in the world, Dubai’s Burj Khalifa. (ANI)