According to the Land Department of Dubai, the largest players in the real estate market of the emirate are residents of the UAE.
They invested a total of $1,1 billion in local real property, having made 1587 transactions, Forbes reports.
Immigrants from India rank second. They spent $817 million and concluded 1550 deals on the “concrete gold” of the emirate. Next come representatives of Saudi Arabia, Britain, China, Russia, Jordan, and Canada.
The most transactions were in the Business Bay area, with a total of 973 transactions worth $545 million. It is followed by Dubai Marina and Al Barsha South Fourth.
Expert forecasts are optimistic. The recent spike in oil prices, which triggered the resumption of growth in the Gulf states, as well as an increase in public spending on infrastructure in the run-up to Expo 2020 Dubai, should lead to the recovery of the housing market in the UAE from 2019.