UAE investors in Dubai real estate in 2013 surpassed those from Pakistan, China, Iran, USA, Canada, France and Germany combined

Dubai: According to a recent official report, transactions by UAE investors in Dubai real estate in 2013 surpassed the combined transactions made by 7 major foreign investing countries including Pakistan, China, Iran, USA, Canada, France and Germany. A total of 5,424 UAE investors accounted for a total investment of AED 24,727 billion, while the total transactions from seven overseas counties amounted to AED 23,157 billion, split among the following countries: Pakistan (AED 8,635 billion), China (AED 1,345 billion), Iran (AED 5,529 billion), USA (AED 2,194 billion), Canada (AED 2,934 billion), France (AED 1,397 billion) and Germany (AED 1,123 billion).

Many other statistics of real-estate investments were highlighted as Dubai gears to host the 10th International Property Market (IPS) from 8 – 10 April 2014 with participations from 80 countries. The exhibition will feature 300 exhibitors, 60% of whom are property developers, while 40% are operating in property-related sectors.

“The fact that 5,424 UAE investors made bigger transactions than that the 14,853 foreign investors from major investing counties demonstrates that the real estate industry sector has a strong appeal among local investors as much among foreign investors,” said Sultan Butti Bin Mejren, Director General of the Dubai Land Department. “It is a healthy sign that the UAE reality market is driven by local investments. Today as never before, Dubai is a preferred lifestyle and investment destination for people of different nationalities.” He added: “The UAE is strongly placed to succeed further in the real estate sector which is a major force in the economy. We learnt it the hard way and are now wiser and therefore qualified to excel, especially in the run-up to Expo 2020. We think that IPS 2014 will be an outstanding event as the flourishing market will definitely be translated with more exhibitors, more deals and more visitors.” He added: “With more transparent laws and tighter regulations we have introduced, we feel that we are on the right track,” added Bin Mejren.

Dawood Al Shezawi, CEO, Strategic Marketing ‘&’ Exhibitions, organizers of the International Property Show, said: “The hesitancy among foreign investors is steadily disappearing and Dubai is regaining its position as a major real-estate hub. The Emirate is hosting and organising best-in-class events relevant to this industry. It is clear enough that the UAE, and Dubai in particular, has a very promising future and vast potential for growth.” “We unveiled 12 major regional projects in the previous edition of IPS and anticipating a way more in the 2014 edition. We feel that the 10th edition of IPS will be a milestone in the history of the exhibition as more than 20,000 visitors are expected to come and interact with prominent property developers.”

SOURCE: WAM