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FINANCIAL NEWS
Iranians buy USD128m worth of property in Dubai’s Burj Khalifa
08 Aug 2012
(MENAFN) An official report by Dubai Land Department (DLD) showed that Iranian investors were the second largest buyers in Dubai’s tallest tower in the world “Burj Khalifa” after Indian investors in the first six months of 2012, Reuters reported.
Iranian investors bought USD128 million worth of property at the iconic tower, mainly using cash, as Western sanctions crimp access to banks.
According to DLD, 358 Iranians had purchased the apartments during the January-June period, as Dubai’s property market slowly recovers after home prices slumped by more than 60 percent from their peak in 2008.
It is worth mentioning that Dubai has been a major trading hub for Iran for more than a century with an estimated 8,000 Iranian traders and trading firms registered in the emirate.
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