Confidence in Dubai real estate continues to soar as investment shot up 57% in Q1 and developer Emaar predicted a quadrupling of profits.
The Dubai Land Department (DLD) reported that investment in Dubai property reached AED 35 billion in the first quarter of this year, a 57% year-on-year increase. The rest of their latest data is also impressive: the number of investors is up 81% and, while Emiratis and Indians still dominate, non-Arab investors contributed AED 20 billion and came from 111 nationalities.
Sultan Butti Bin Mejren, Director General of the DLD, put the increasing investment down to the positive outlook to the emirate’s economy, the mature investment environment and the transparent law system.
Meanwhile, Emaar Properties, Dubai’s biggest developer, this week predicted a quadrupling of its profits by 2018. As the company is 29% owned by the government, many investors see its fortunes as a reflection of the emirate’s economy.
Chairman Mohamed Alabbar has stated that he expected net profit to hit AED 3.07 billion this year, which would be a 19% rise year-on-year, with a continued upward trend for the next four years. He called the predictions “realistic and even a bit conservative.”