GCC investors pump Dh19bn in Dubai's real estate sector

Dubai Land Department has announced that the total sum of Gulf Cooperation Council (GCC) investment in Dubai's real estate market for the first half of 2014 has exceeded Dh19 billion.
Emirati investment formed the lion's share of this figure, according to the report issued by DLD's Research and Real Estate Studies Department, with U.A.E. nationals making transactions of Dh12.5 billion in the city's property sector from January 1 to July 1. The amount represents almost double the Dh6.5 billion figure invested by all other GCC nationals combined.
"U.A.E. investors made 2,513 transactions worth a total of Dh12.568 billion in the first six months of the current year and in doing so, were placed at the GCC top spot well above all other investors in Dubai's real estate market," said Sultan Butti Bin Mejren Director General of DLD .
"The figure indicates the great demand from U.A.E. nationals in investing in property in Dubai and sends out a reassuring message to all other categories of investor. In addition to strengthening confidence in the market, it provides solid foundations that will ensure its sustainability and long-term stability," he added.
"The wise policy pursued by the government of Dubai has created incentives that are encouraging smart real estate investors from across the world. The success of this policy, as evinced through the sheer volume of investments made by GCC citizens, points to the increasing trust placed in Dubai's property sector. This confidence will radiate to all corners of the globe and attract and foreign nationals from countries outside of the region," continued Bin Mejren.
DLD's report revealed that citizens of Saudi Arabia were ranked in second place on the list of GCC real estate investment after making 1,121 transactions worth Dh3,371 billion in the first half of 2014. Qataris came in at third place with 113 transactions worth Dh1,463 billion, Kuwaitis were listed at fourth place with 263 transactions worth Dh839 million and Omanis were in the fifth spot with transactions worth Dh482 million. Bahrain citizens occupied the sixth position after making transactions worth a total of Dh247 million in the first six months of the year.