Indians biggest first-time buyers of Dubai property in 2011

Indians have topped the list of first-time property buyers in Dubai for 2011, having bought properties worth Dh2.1 billion, Dubai Land Department (DLD) data reveals.

“The Indians topped the list of new investors in Dubai properties and conducted 927 transactions worth Dh2.1 billion. This represents 16 per cent of the overall value of transactions carried out by new investors,” the department said in a statement.

“New” money flowing into the Dubai property market for last year totaled Dh13.125 billion.

Though the data did not specify the nationality coming second, it said the UAE nationals came third, having invested Dh1.575 billion.

The number of active investors last year reached 6,403 with investment worth Dh12 billion.

Here, the UAE nationals topped the list, representing 30 per cent of the active investors in transaction terms and 49 per cent in value terms.

The Indians came in second, investing Dh1.2 billion in value terms.

As per the department, the total number of landlords reached 18,892 last year.