GCC citizens invest $1.98 billion in Dubai real estate
The investments of GCC citizens and GCC real estate companies in Dubai from the beginning of this year and until March 9th amounted to Dh 7.3 billion ($1.98 billion). These investments cover more than 38 million square feet of lands, according to the data published by the department for lands and properties, Al-Bayan reported.
The investments of Saudi citizens during the above mentioned period hit more
than Dh 516 million ($ 140 million). Some 50 Saudi investors bought 1.5 million square meter area by in retrun to Dh 199 million ($ 54.1 million), while 17 Saudi investors sold 4.7 million square meters area for Dh 317 million ($86.3).
The gap between the purchasing deals and sales is explained by the tendency of Saudi investors to make re-sale deals in order to gain profits from the higher prices in the re-sale round.