Source: The Hindu Business Line
Indians were the largest investors in the promising Dubai real estate market in terms of number of buyers and transactions made in 2014 followed by Emiratis, Saudis and Kuwaitis, according to a new report.
The report by Omega Real Estate, a real estate company owned by ‘The H Holding Enterprise’ said the Dubai real estate market looks promising and stable, driven by renewed confidence among investors.
At the The Gulf Cooperation Council (GCC) level, Emiratis topped the list, followed by Saudis and Kuwaitis. At the pan-Arab level, Jordanians, Egyptians and Lebanese were the major buyers, the report said.
Basing its assumption on a recent report of Dubai Land Department (DLD), Omega confirmed that property prices in Dubai have continued their recovery, albeit at a slower pace.
“This was a remarkably successful year for Dubai property market. Investments were more diverse than ever with new areas coming on the radar. With sales accounting of over 51 per cent of the total transactions, it is now clear than bigger and more serious buyers are coming into the market, engaging in long-term investments,” Hafeez Abdullah, Chairman of ‘The H Holding Enterprise’, said.
According to Abdullah, the sector is gaining maturity, filtering out speculators and encouraging more end-users to become retail buyers.
“Such trends have boomed global markets and are now on the way to making the UAE sector more mature,” he said.
“The most prominent areas are usually measured on the basis of completion of sales or mortgages,” he added.
The report said that newer areas are coming under the scanner, enlarging the footprint of Dubai’s real estate hotspots.