Investors from other Gulf oil producers pumped nearly Dh6.8 billion into Dubai’s real estate sector, accounting for almost a quarter of the total property deals in the emirate in the first six months of 2011, a local official was reported on Monday as saying.

Property transactions in Dubai, the region’s business hub, totalled around Dh30 billion in the first half of this year, including Dh16 billion worth of apartments, Dh12 billion land property and the rest in buildings, said Sultan bin Majran, director general of Dubai’s land and property corporation.

“According to the property registrar in Dubai, investors from the other Gulf Cooperation Council (GCC) countries accounted for nearly 23 per cent of the total as their investments are estimated at Dh6.814 billion,” he told the Dubai-based Arabic language daily Al-Bayan.

His figures showed around 1,950 GCC investors were involved in property transactions in the first half of 2011 while nearly 2,955 GCC citizens owned apartments, villas and land by the end of the first half.

Reference: http://www.emirates247.com