Indians are top buyers in Burj Khalifah
Dubai Land Department data says foreign investors bought 36% more real estate assets in the emirate
According to data by the Dubai Land Department (DLD), foreign investors bought 36% more real estate assets in the emirate at a total value of $7.7bn in the first half of 2012.
Indian nationals were the biggest buyers of luxury apartments and commercial space in the world’s tallest building, Burj Khalifa, followed by Iranians, the figures showed.
The department said 358 Iranians had purchased the apartments during the first six months, as Dubai’s property market shows signs of slowly stabilising after home prices slumped by more than 60% from their peak in 2008.
“Iranians have problems getting finance, which is why they are mostly involved in cash buys,” a Dubai-based real estate broker, who declined to be identified, told Reuters.
“We have sold three floors on the Burj and this involved Iranian buyers.”Britons were the third-most active buyers, followed by Emirati nationals, and Pakistani buyers.
