Gulf Cooperation Council (GCC) investors have put in a whopping Dh6.8 billion into Dubai’s real estate sector in the first six months of 2011.
The investment accounts for a quarter of the total property deals in the emirate in the first half of the year. Total real estate transactions in Dubai, amounted to Dh30 billion in the interim, including Dh16 billion worth of apartments, Dh12 billion land property and the remaining in buildings.
“According to the property registrar in Dubai, investors from the other Gulf Cooperation Council (GCC) countries accounted for nearly 23 per cent of the total as their investments are estimated at Dh6.814 billion,” Sultan bin Majran, director general of Dubai’s land and property corporation, said.
Figures show that 1,950 GCC investors were involved in property transactions in the first half of 2011 while nearly 2,955 GCC citizens owned apartments, villas and land by the end of the first half.