Egyptians buy lands and properties of $381mn in Dubai

Egyptians ranked in second place among Arabs buying land and real estate in Dubai over the first half of 2016, with 710 Egyptian nationals purchasing land of a total value of 1.4 billion Dirham (AED) (US$381mn) in the Emirati city.

Egyptians were topped only by the Jordanians, who purchased AED1.5 billion worth of real estate, according to the Dubai Land Department.

In a statement on Sunday, the department said the Lebanese, in third place, made investments reaching more than one billion Dirham.

According to the department’s figures, a whopping AED57 billion were pumped into the Dubai real estate market during the first half of 2016, from 26,000 investors of 149 different nationalities.

The total value of investments from the Emirates and GCC countries reached AED22 billion, with Emirati citizens ranking first among investors from the Gulf regarding the number and value of investments.

4,543 Emiratis invested AED14.5 billion in real estate, followed by Saudis at more than four billion, then Kuwaitis with one billion, followed by Qataris, Omanis and Bahrainis.

Non-Arab buyers of 127 nationalities bought up more than AED28 billion in real estate, with Indian nationals investing more than seven billion Dirham.

British investors followed India at more than four billion Dirham of investments, then Pakistani investors at over three billion Dirham.

Source: Egypt Independent