Indian and Pakistani nationals put in a combined 27 billion-plus dirhams into Dubai property over the last 18 months, emerging as the second and third largest overseas investors.
Indian buyers continue to make up the largest contingent of overseas buyers, with 20 billion dirhams while Pakistani nationals pumped about 7 billion dirhams in Dubai’s real estate sector, media reports say.
Saudi investors bought Dh12 billion-plus of property during the same period, while Jordanian and Egyptian citizens pumped in more than Dh4 billion, Gulf News reported.
But UAE nationals are still the highest spending grouping, with Dh37.4 billion, according to data from the Dubai Land Department.
In all, 217 nationalities generated Dh151 billion worth of deals in the 18-month period from January 2016. In all, there were 71,000 deals registered with the Land Department.
“This list has been unveiled at a time when our real estate market is preparing for a new phase of growth in the run-up to Expo 2020,” said Sultan Butti Bin Mejren, Director-General of Dubai Lands and Properties Department.
In a sign of where Dubai’s developers could be looking more closely in future, Chinese investors came in eighth in the nationality rankings, with 2,177 transactions adding a combined Dh3.1 billion.
Some of the biggest developers have been doubling their marketing and sales efforts in China, and tying up with brokerage firms there.