Investors from Egypt constitute the second largest number of non-GCC Arab investors in the Dubai real estate market, according to the Dubai Land Department, Ahram Online reported.

Egyptians invested a total of AED 1.37 billion ($370 million) in the first six months of 2016, coming second only to Jordan among non-Gulf Arab investors. Jordanian investments in Dubai real estate came in at over AED 1.5 billion, for approximately 765 investments.

This compares to AED 7 billion in a total of 7,577 investments from all non-GCC investors. Meanwhile, Gulf investors contributed AED 22 billion to the sector, while non-Arab foreign investors pumped investments worth AED 28 billion.

Total foreign investment stood at AED 57 billion during the first half of the year, according to ME Construction News, from a total of approximately 26,000 investors from 149 countries.

Sultan Bin Butti Merjen, Director General of the Dubai Land Department, said: “The Dubai real estate market has managed to maintain its robust appeal this year and is now emerging as one of the foremost property investment destinations in the world, bolstered by the decline in some regional economies and serious challenges faced by other countries around the globe.”

Prices in the real estate market in Dubai have reportedly seen a steady decrease since 2014, while the Dubai Land Department has estimated a 12.4% year-on-year drop in the value of real estate deals in the emirate.