Property Lovers of UK, India and USA are Returning to Dubai Real Estate Market

The value of real estate in Dubai increased by 20% during 2011 reaching AED143 billion for the year, the latest data from the emirate’s real estate watchdog shows.

The Real Estate Regulatory Authority (RERA) said that sales were boosted by 6,400 new property investors who entered the market.

Dubai’s property market was devastated at the end of 2009 when a boom turned to bust as overseas investors and domestic buyers deserted the market and this is the first official sign that they are returning.
‘This is a good sign that investors are coming back. We can expect 2012 to show the same increase or stay at the same level. We are marketing the real estate environment as transparent and secure,’ said Marwan bin Ghalaita, chief executive officer of RERA.

The majority of sales were to real estate investors from the United Arab Emirates, India and the UK. Apartments for rent in Dubai and villa purchases were valued at AED48 billion and AED6 billion respectively, with most buyers either of Indian, UK or Pakistani origin.