Foreign investors in six real estate companies listed in Emirati financial markets own nearly 8.4 billion shares worth AED21.2 billion ($5.7 billion), said a report. 

 

These include top developers such as Emaar group and its subsidiary Emaar Development, Aldar, Damac, Union Properties and Diar Developments.

 

The majority of companies listed in the country’s financial markets, including real estate companies, allow foreign ownership of up to 49 per cent of capital.

 

Recent figures issued by the Abu Dhabi and Dubai financial markets showed that the significant rise in the number and value of shares owned by foreign investors in real estate companies followed a surge in their share prices in recent months. 

 

Statistics from the financial markets point out that foreign ownership of Emaar Properties as of December 9 accounted for 2.54 billion shares, constituting around 35.51 per cent of total shares followed by Aldar Properties, which accounted for 2.083 billion shares.

 

Foreign ownership of Damac accounted for 2.046 billion shares, constituting around 33.825 per cent of the total and valued at AED872 million while the number of shares owned by foreign investors in Emaar Development amounted to 304 million, valued at AED872 million.

 

The shares owned by foreign investors in Union Properties amounted to 1.032 billion shares with a market value of AED299 million, while foreign ownership of Diar Developments accounted for 419 million shares valued at AED121 million.

 

The level of foreign ownership of real estate companies is expected to rise further, especially in light of the ongoing rise in their share prices, it added.-TradeArabia News Service