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FINANCIAL NEWS
Iranian investments in Dubai’s realty market drop to USD408.3m in H1
30 Jul 2012
(MENAFN) The Dubai Land Department stated that during the first half of the year, Iranian investments in the emirate’s real estate sector fell by around a quarter from 2011’s same period to USD408.3 million, reported Tehran Times.
Data provided by the department showed that even though Iranian investments declined, however, purchasers from the Islamic Republic still account for the fifth-biggest group of investors by nationality in the market, with 1,036 Iranians seizing apartments and villas.
Iranians were the fourth-largest group of property buyers during 2011’s first half, according the department, with 1,124 buyers of real estate valued at a total of nearly USD517 million.
It is worth noting that Western sanctions imposed against Iran increased pressure on buyers, as Iranians face difficulties in gaining approvals from UAE banks for mortgages or to make down payments for properties.
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