Real estate is a major sector and contributed 6.6% of Dubai’s GDP in 2016. It witnessed a boom in the early 2000s as a result of liberalization, influx of expatriates and high investments by foreign investors. However, it was affected by the global recession in 2008 and fall in oil prices in 2014, but has since recovered due to investments by the Government to make Dubai an attractive real estate market. The key drivers of growth in the sector are growth in tourism and rapid urbanization. High disposable income, world-class infrastructure, and connectivity have made Dubai an attractive investment destination. Indians were the highest investors in Dubai’s property market (~AED 20 Billion), followed by Saudi’s (AED 12 Billion) in 2016. The real estate market in the Emirate has also got a boost in the form of availability of housing loans. Almost 17% of the total bank loans were towards the construction and real estate sector in the Emirate.