Dubais real estate transactions hit $30.24bln in H1

Dubai –  Dubai Land Department (DLD) said that total real estate transactions in Dubai amounted to 27,642 at a combined value of AED 111 billion for the first half of 2018.

Transactions included 18,191 sales valued at nearly AED 40 billion, 7,668 mortgage deals worth over AED 57.6 billion, and 1,783 other transactions totalled AED 13.4 billion, according to a report issued by DLD’s Department of Real Estates Studies and Research.

“Granting investors a UAE residency visa for up to 10 years and reducing government fees 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," director general of DLD Sultan Butti bin Mejren commented.

“We were also quick to adapt and align ourselves with these decisions: The 4% penalty that property owners were incurred for failing to register their developments within 60 days has been waived. This underpins the Government’s efforts to provide the best possible services to investors and developers alike,” Bin Mejren added.

Furthermore, investments in the Dubai's real estate market totalled 19,371 in H1-18 through 15,659 investors at a value of AED 37 billion, the report highlighted.

UAE nationals topped the list with 2,986 investments valued at AED 6.8 billion, followed by Indian investors with 3,218 investments worth AED 5.9 billion and Saudi Arabians with 1,415 investments worth about AED 3.7 billion.

Total investments of GCC nationals in Dubai’s real estate market concluded AED 11.6 billion through 4,919 transactions during H1-18.

Meanwhile, 9,935 foreign investments from 143 nationalities reached around 11,889 transactions worth over AED 21 billion, the report added.

Moreover, investments by female investors in Dubai’s real estate market hit AED 9 billion through 5,526 transactions.

“Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the wise leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021,” Bin Mejren concluded.

It is worth noting that Business Bay topped the most attractive areas in terms of investments with 1,934 transactions worth about AED 4.2 billion, followed by Dubai Marina with 1,445 transactions worth AED 2.9 billion, and Al Merkadh with 1,262 transactions valued AED 2.1 billion.