Investors from the Gulf Cooperation Council (GCC) states spent more than Dh19 billion ($5.17 billion) on real estate projects in Dubai, UAE, during the first half of the year, a report said.

UAE nationals topped the list with Dh12.5 billion, said the report in The National newspaper, quoting data from the Dubai Land Department (DLD).

Saudi nationals were placed second place on the list, with Dh3.371 billion investment. Qataris bought Dubai properties worth Dh1,463 billion, while Kuwaitis and Omanis bought properties worth Dh839 million and Dh482 million, respectively.

Bahrainis invested Dh247 million in the Dubai property marked during the period, the report said.

The volume of residential sales in the emirate, particularly in existing villas, was slowing down along with the asking price, according to the consultancy JLL’s second-quarter report, it said.