Indians, Pakistanis and Britons were the biggest foreign buyers of Dubai property in the first half, leading a jump in investment by foreigners outside the Arab world, the emirate’s Land Department said.
Property sales totaled 53 billion dirhams ($14.4 billion) in the period, the government agency said without providing a year-earlier figure. Spending increased among all the regions described in the report, including a rise of 73 percent to 32 billion dirhams among buyers outside the Gulf region and the rest of the Middle East.
Dubai’s property market, which suffered one of the world’s worst real estate crashes in 2008, is rebounding after almost three years of standstill. The report indicates that the Arab Spring revolutions in countries such as Egypt, Syria, Yemen, Tunisia and Libya haven’t significantly changed the mix of investors in a property market long dominated by the U.K., India andPakistan.
