Egyptians invest EGP 13 bln in Dubai real estate in 2016

Sunday 15-01-2017 03:49 PM

Burj Khalifa, the world's tallest tower, and luxury Burj al-Arab Hotel (L) are seen in a general view of Dubai, UAE December 9, 2015. Picture taken December 9, 2015. REUTERS/Karim Sahib/Pool

CAIRO, Jan 15 (Aswat Masriya) - Egyptians ranked first for the number of Arab investors from outside the Gulf Cooperation Council (GCC) countries who contributed to Dubai’s real estate market in 2016, a statement by Dubai’s Land Department (DLD) read.

A total of 1,364 Egyptians invested AED 2.4 billion (around EGP 13 billion) in Dubai’s real estate market in the past year.

While Egyptians topped the Arab ranking in terms of numbers, Jordan ranked highest when it comes to value, as 1,331 Jordanians made investment transactions worth a total of AED 2.5 billion.

A total of 6,416 Arab investors of 16 nationalities from outside the GCC countries contributed over AED 12 billion (around EGP 61 billion) to the Emirate's real estate market last year.

The annual report revealed that the sum of real estate investment transactions for the year exceeded AED 91 billion (around EGP 464 billion) from 55,928 investors. The leading investors were UAE nationals as over 7000 invested around AED 22 billion (around EGP 112 billion).

Meanwhile, 12,768 citizens of six nationalities of the GCC states contributed AED 35 billion (around EGP 178 billion), while 3,294 Saudi Arabian investors made transactions worth AED 8 billion (around EGP 40 billion). 

Director General of DLD Sultan Butti bin Mejren said the findings in the report confirm that the real estate market in Dubai has reached a new phase of maturity and stability, and that it is moving towards sustainable growth. 

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