Foreign nationals increase their interest in Dubai property

From the beginning of 2011 through September, foreign nationals purchased 14,591 residential apartments in Dubai, data released this week show. The properties were valued at a cumulative 19.5 billion dirhams.

The data which was published by the research department in the development administration of Dubai Land said that 947 residential apartments were purchased by Emirati nationals in the same period this year, at a total value of 1.5 billion dirhams.

UAE nationals ranked fourth on the list of top purchasers in the emirate. Indian nationals were in the top spot, Iranians followed in second place, and then Britons and Pakistanis.

The average price of apartments sold ranged from 1.3 million to two million dirhams.

Real estate prices in the emirate are 35 percent lower compared to their peak prices.