A total of AED 111 billion worth of Dubai real estate transactions was recorded on the first half of 2018 (H1 2018) according to Dubai Land Department’s Department of Real Estate Studies and Research. This proves that Dubai remains an attractive destination for real estate investments and competitive with other global investment destinations.
According to the report, sales transactions totaled at about AED 40 billion from 27,642 transactions. Over AED 57.6 billion from 7,668 mortgage transactions and AED 13.4 billion from 1,783 other transactions.
His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department, commented: “The strategic decisions launched by the Government are in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and have had a significant impact on sustainable growth and on strengthening the competitiveness of the national economy.”
Recently, it was announced that 10-year UAE residency visa will be granted to property investors and the 4% penalty for failing to register their property within 60 days has been waived. Bin Mejren said that these decisions included in previous initiatives will be of the most important incentives for economic growth in the Emirate, as they will have a positive impact on reducing business costs and will support Dubai’s position as one of the best investment destinations in the world.
More than AED 21 billion from 9,935 foreign investments from 143 nationalities was recorded in H1 2018. The top 3 investors by nationality are UAE nationals at AED 6.8 billion investments, succeeded by Indian nationals at AED 5.9 billion investments followed by Saudi Arabians with almost AED 3.7 billion worth of investments. Included in the list are Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively.
Business Bay has the highest number based on transactions and values with 1,934 transactions worth almost AED 4.2 billion, followed by Dubai Marina, Mohammad Bin Rashid City, Jumeirah Village Circle, Warsan Village, Al Furjan, Sports City, Jumeirah Lakes Towers, Downtown Dubai, Town Square in the top 10 list.
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