ICEC

GCC Citizens invest 12b Dirham in Real Estate

Gulf Cooperation Council citizens invested Dh12 billion in Dubai’s real estate sector last year, according to the Land Department’s 2011 report.

British and Indian nationals were the biggest investors in plots and villas in 2011, the report said.

Emiratis top the list of investors in the apartments segment. The number of real estate transactions in 2011 increased 20 per cent to Dh143 billion compared to 2010.

Sultan Butti Bin Mejren, Director-General of the Land Department, said: “The quantity, quality and procedures of the land transactions reflect the recovery and growth of the real estate market in Dubai due to the direct and unlimited support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.” And He added that the quality of transactions reflected market stability and better investor awareness, as Gulf news stated.

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