It is no secret that Dubai’s property market is in the midst of a major recovery cycle after stagnating for a few months last year. The latest data from Mo’asher, Dubai’s official sales price index, reveals that May 2021 saw property transactions worth more than Dh11.11 billion. This is the highest value of monthly property transactions in over four years (since March 2017).

As the UAE puts the worst of the pandemic behind it, local as well as expat investors are back in the market, actively scouting for Dubai properties which seem to have hit a sweet spot in terms of pricing.

The month of May saw 4,429 transactions, bringing the 2021 total so far to 20,989 transactions worth Dh47.19 billion. The total number of transactions has grown by 215 per cent in the previous 12 months (since May 2020), and the total value of transactions is up by 357 per cent in the same duration.

While sales in the off-plan market are up by 74 per cent since last year, it is the ready homes sector (secondary market) that has witnessed a massive spike, up by over 466 per cent in 12 months.

DLD’s latest data reveals that 11,280 investors from 10 nationalities pumped Dh21.8 billion in 12,890 transactions for Dubai properties from the beginning of the year until the end of May 2021.

TOP 10 INVESTORS BY NATIONALITY

1. Yes, Indians remained top investors in Dubai’s property market in the first five months of 2021, with 3,831 Indian investors snapping up 4,322 properties at a combined value of Dh6.07 billion. Indians have traditionally been the largest investors in the Dubai property market, ever since the emirate opened it up in 2003 for foreign buyers. This year, despite an extension of a travel and flights ban from India to the UAE, Indians remain the largest sub-set of property investors.

2. Following the Indians were 2,298 Emirati investors who pumped in Dh4.83 billion in Dubai’s property market via 2,688 transactions. Unlike most other countries in the world, the UAE has a unique demographic profile where local Emiratis do not constitute the biggest community in the country’s population. Official stats show that Emiratis make up for under 15 per cent of the UAE’s total population, which is less than some expat communities, including Indians which account for over 25 per cent of the country’s population.

3. A total of 1,144 Britons spent Dh2.99 billion in 1,223 transactions, and British nationals were the third biggest investors in Dubai’s property market over the January-May 2021 period. The UAE and the UK share deep-rooted investment ties, with the UK being the UAE’s third-leading partner in the non-oil commodities trade. The UAE was the UK’s top Arab trade partner in 2019, accounting for 32 per cent of the UK’s foreign trade with other countries.

At No. 4 were 867 French investors who invested Dh1.3 billion in 934 transactions

The French were followed by 803 Pakistani investors who bought Dubai properties worth Dh1.26 billion in 931 transactions, making it to the Top 5 investors by nationalities.

At No. 6 were 538 Chinese investors who bought 746 properties worth a combined value of Dh1.4 billion.

A total of 520 Russian investors who bought 582 properties worth Dh1.18 billion were placed seventh among the Top 10 investors in the Dubai property market.

They were followed at No. 8 and 9 by Iranians and Canadians, who made investments worth Dh1 billion each.

Rounding up the Top 10 were 370 Saudi investors who made 447 purchases worth Dh720 million.