Dubai’s secondary real estate market booms in first quarter

Dubai’s secondary real estate market booms in first quarter

Investors from the UK, Italy, and France claimed prime spots in the top-10 list of Dubai real estate

Investors from India and Pakistan also made significant investments in Dubai real estate during the quarter, which also saw a big increase in Canadian investors and buyers. — File photo

Published: Sun 8 May 2022, 6:34 PM Last updated: Sun 8 May 2022, 7:38 PM

Property investors from the UK, Italy, and France claimed prime spots in the top-10 list of foreign investors in Dubai as the emirate’s real estate sector witnessed the dominance of the secondary market in the first quarter.

The emirate’s resurgent realty market recorded the best ever quarter since 2010, with a total of 20,539 sales transactions valued at Dh55.5 billion.

Investors from India and Pakistan also made significant investments in Dubai real estate during the quarter, which also saw a big increase in Canadian investors and buyers. Investors from Russia, Lebanon, and China were among the other three nationalities in the top-ten list.

Secondary market shines

Citing official data, the Zoom Property Insights said the secondary market dominated the real estate sector as it constituted around 58 per cent of total sales transactions, while the remaining 42 per cent of sales were recorded in