Dubai: Indians are the biggest property buyers in Dubai among foreign nationals, figures released by the Dubai Land Department (DLD) for the first half of 2011 revealed.
A total of 2,181 Indians — UAE expats and those residing in India and in other countries — bought Dh3.70 billion worth of properties in Dubai, while 1,537 Britons invested Dh2.49 billion and 1,219 Iranians invested Dh1.9 billion in the city's real estate market.
Emiratis topped the list in terms of value — Dh5.27 billion.
Buyers from Pakistan, Russia, Saudi Arabia, USA, Canada and Jordan made up the rest of the top 10 investors in Dubai properties. DLD said the total sales value in Dubai stood at Dh16 billion across 5,719 properties purchased during the first half of this year. Burj Khalifa recorded the highest sales ‘value' at Dh4.84 billion.
Ayman Youssef, Vice-President, Coldwell Banker, said: "Burj Khalifa is a project that will always appeal to a certain segment of investors in the market. It's a high-end address with potential mid to long-term capital gains. With its current pricing, the tower becomes even more accessible to a wider section of investors in the market." The Palm Jumeirah sold Dh2.11 billion worth of properties, while the Marsa area in Dubai saw 2,514 sales transactions (highest) worth Dh3.75 billion.
According to DLD, there has been an increase in the number of female property owners in the first half of this year compared to last year's records. Around 1,189 women bought properties in Dubai compared to 1,001 buyers last year. "Today, lots of women have the financial strength to take an investment decision as properties provide a mid to long-term appreciation over a period of time," Youssef said.
Investing in value
Mahy Karazay, a 38-year-old Iranian, and her family own 17 apartments in Burj Khalifa. She said: "I really don't think there is a difference on how men manage properties and how women do. I have the power of attorney to handle all of our family's 17 properties in Burj Khalifa."
Karazay's family are film distributors and cinema owners for Bollywood, Hollywood, South Indian and Arabic films. "My only concern is about real estate agents renting and selling Burj Khalifa units for lesser prices. Some owners also rent their properties at lower prices merely to start paying their equated monthly instalments (EMI). However, I have not done that on my properties as there is a certain value attached to Burj Khalifa. The essence of the tower has to be maintained."
