The relative geographic proximity to India and the large non-resident Indian population in the region are two further critical drivers for those looking to park their Rupees in Dubai's real estate market, according to real estate consultancy Cluttons.
"Unsurprisingly, Indian nationals topped the list of the city's most active buyers, with Dubai often viewed in the same league as London by this group," Faisal Durrani, Associate residential and international research at Cluttons, said.
"And now we're seeing the demand base broadening from individuals to institutional players. Britons and Pakistani nationals rounded off the top three nationalities that purchased property in Dubai last year," Durrani said.
This is further evidenced in Cluttons International Private Capital Survey 2013-14 which was released late last year. The survey found that within the region, Dubai ranks ahead of other global real estate investment destinations.
Cluttons surveyed nine global locations across the Middle East and Asia-Pacific region and although London ranked as the go-to investment destination by the world's wealthy, Dubai came in a close second, up from seventh place a year earlier.
Renewed demand from domestic and overseas buyers seeking Dubai property assets is a sign of increasing interest in Dubais improving real estate market.
"This leap up the league table underscores the impact of the economic rebound on Dubai's appeal as an investment hot spot. We're now seeing the results of the survey materialise in the form of high profile deals, which we expect to gather momentum," Durrani said.