Foreign investors piled into Dubai real estate in the first half of this year, with Indians leading the fray, as bargain hunters sought to take advantage of what has been called a trough in the market.

Foreign investors piled into Dubai real estate in the first half of this year, with Indians leading the fray, as bargain hunters sought to take advantage of what has been called a trough in the market. 

Over Dh22 billion (US$6 billion) was invested by internationals in Dubai's property market in the first six months of 2012, with Indians spending nearly Dh4 billion on 2,153 units, followed by Britons who bought 1,564 properties - Dh2.5 billion worth.

The total number of properties (buildings, lands, apartments and villas) sold during the first half touched 12,875 units, according to Dubai Land Department quoted by Zawya.com.

Pakistanis, Russian, Iranian and Saudis were also top buyers. 

Earlier this month Emirates 24/7 reported that Indians, Iranians and Britons together invested more than Dh1.5 billion to buy properties in iconic Burj Khalifa tower in the first half of this year, the tallest residential building in the world.

The Land Department said transactions had jumped 21 per cent to Dh63 billion in the first half of 2012 compared to the same period last year, while transactions surged 82 per cent in value terms quarter-on-quarter, reflecting growing confidence among investors.

Majida Ali Rashid, chairwoman of the Real Estate Investment Promotion and Management Centre, was quoted as saying: "The real estate sector performance is moving from strength to strength over the past two years. The market has been attracting more foreign investors, which reflects the solid national economy and its excellent growth potentials."

Jones Lang LaSalle recently reported that the Dubai residential property market looks like it has hit a trough, as prices are now similar to early 2008 levels.