Saudis spent AED 9 bln on Dubai real estate in 2015

Saudi Arabian nationals invested in real estate transactions worth AED 9 billion (SAR 9.2 billion) in Dubai last year, data from Dubai Land Department (DLD) shows.

The transactions came from 3,259 Saudi Arabian citizens, the DLD report said.

According to the DLD report, total real estate investment transactions in 2015 exceeded AED 135 billion, with 55,928 investors of 150 nationalities contributing to Dubai's property sector. The total value of foreign investment in Dubai’s real estate market amounted to more than AED 74 billion from 35,165 investors.

Citizens from six Gulf Cooperation Council (GCC) states accounted for one-third of total Dubai’s real estate transactions in 2015, with 12,441 investors spending AED 44 billion.

Emirati investment led the group, with total transactions of AED 26.1 billion, followed by Saudi Arabia. Kuwait was in the third spot, with 1,117 investors who contributed towards transactions worth AED 3 billion, followed by citizens from Qatar, Oman and Bahrain.

“Investment from Gulf state nationals provides the market with a strong shield from seasonal fluctuations,” Sultan Butti Bin Merjen, director general of DLD, said.

Arab investors from outside the GCC spent AED 16 billion, with contributions from 8,325 investors of 16 nationalities. Jordan spent the highest in the segment at AED 3.5 billion, followed by Egypt nationals, who invested a total of AED 2.55 billion.

Lebanon followed with 1,066 investors pumping in AED 2.53 billion. “Significant investments were also made by nationals from Iraqi, Yemen, Sudan, Palestine, Libya, and Algeria,” the report said.

Indians were ranked the highest value foreign investors, with AED 20 billion worth of property transactions from 8,756 investors. The British stood second with a total of AED 10 billion worth of transactions from 4,889 investors, while Pakistani investments were third with AED 8 billion from 6,106 investors, the report said.