A whooping Dh25bn sales for Dubai in April & May - Indians, Pakistanis & British Amongst top 5 buyers

Investment in the Dubai real estate market rose by a mammoth of 92% in April and May combined, taking investment in the division to Dh48 billion in the first five months of 2016, Emirates 24/7 can reveal.

The investment figure stood at Dh25bn in the first three months, according to source shared by (DLD) Dubai Land Department.

The total numbers of nationalities investing in the emirate were 127, with UAE Nationals (Emiratis) ranking the chart with investments worth Dh12.024bn.

Indians followed with endowment during the first five months totalling Dh5.885bn followed by Saudis who paid for land worth Dh3.655bn.

Pakistanis citizens and British stood at fourth and fifth stand, investing Dh3.313bn and Dh2.676bn, respectively.

Trust in Dubai
In an interview with Emirates 247, DLD Director-General Sultan Butti Bin Merjen said, People talk of correction between lower oil cost and land, but we have seen and such thing. People are purchasing and not all of them have any business with oil. There are lot of investors with money who have trust in Dubai.

Though KPMG, a consulting and adult firm, expected land cost the under pressure this year to lower oil cost and a strong US dollar, it said he market will start to recover in 2017 as infrastructure work surrounding the Expo 2020 gets under way.

Expo
Dubai is the host for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April 10, 2021. It aims to draw more than 25 million visitors, expecting Dh25 billion in total investments in infrastructure- related projects with the creation of 277,000 new jobs.

The emirate has already named the designers of the Expo 2020 pavilions and will start on Route 2020- the Dubai Metro Extension from Nakheel Harbour and Station to Expo 2020 site- by end 2016.