"The turmoil in countries like Egypt and Syria may have wrecked their economies, but some of their neighbors are doing nicely out of it. International investors are driving Dubai’s real estate market, accounting for more than 60% of the 53 billion dirhams ($14.4 billion) worth of investments in the first half of 2013, and while Indians, Pakistanis and Britons remained the top foreign buyers, there’s a new investor class making a big splash: Buyers from crisis-hit Arab regions.
The increase in spending by buyers from Arab countries outside the six-member Gulf Cooperation Council more than doubled to 5 billion dirhams, outpacing all other categories, according to the Dubai land department. Investors from Jordan led the way with investments of 1 billion dirhams, followed by buyers from Lebanon and Egypt. The growing trend of residents from areas affected by turmoil purchasing property in Dubai was highlighted by property management firm Asteco in its latest report (pdf).
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