Indians biggest first-time buyers of Dubai property in 2011

Indians have topped the list of first-time property buyers in Dubai last year, having bought properties worth 2.1 billion dirhams (Rs 292 crore), Dubai Land Department data has revealed.

"The Indians topped the list of new investors in Dubai properties and conducted 927 transactions worth 2.1 billion dirhams. This represents 16 per cent of the overall value of transactions carried out by new investors," the department said.

While it did not mention the nationality of the second largest investors, the department said the UAE nationals came third, having invested 1.575 billion dirhams (Rs 219 crore).

According to the department, the 'new' money flowing into the Dubai property market last year totalled 13.13 billion dirhams (Rs 1,825 crore).

Meanwhile, Asian investors formed 68 per cent of the overall number of investors in the sector, with the UAE nationals topping the list with 35 per cent representation of the overall number of Asian landlords, followed by Indians at 20 per cent.