Among pan-Arabs, the Lebanese have topped the list of investors outside the Gulf Cooperation Council (GCC), with an average of Dh2.63 million ($715,884) per transaction in real estate sector in Dubai last year, according to a top real estate firm.

Omega Real Estate, a subsidiary of The H Holding Enterprise group and a leading real estate player in the UAE, said that part of the Dh12 billion ($3.2 billion) value of transactions for all Arab investors in Dubai market, the Lebanese had a strong share of Dh2.06 billion, involving a total of 785 transactions last year.

The company based its findings on a recent report released by Dubai Land Department (DLD).

The Lebanese were followed by Iraqis at Dh2.5 million per transaction, Jordanians at Dh2.4 million per transaction and Egyptians at Dh2.02 million per transaction, according to the same measurement for investors outside the GCC region.

Hafeez Abdullah, chairman of ‘The H Holding Enterprise’, said: “Lebanese investors top the pan-Arab investors’ universe in terms of average transactions. Many Arab nationalities are allocating bigger budgets for Dubai market, benefiting from its promising opportunities and attractive returns.”

Many pan-Arab investors look at the Dubai property market as a more profitable business as far as renting is concerned in the long term, due to its high renting yields compared with other markets, he said.

With the launch of Omega Real Estate, the company has intentions to invest in the real estate sectors with approximately Dh800 million by end of the year.

“It is so realistic that we are having actual investments on the ground, and seeing others get likewise. The market still has greater potential that will keep bringing benefits for newcomers for years to come,” said Abdullah.

The company currently operates across various investment sectors in real-estate, hotel industry, and has recently launched a facilities management arm to serve the ongoing demand in the market, he said.

Other important nationalities, according to the same report, were Yemen, Sudan, Palestine and Morocco, he added. - TradeArabia News Service