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DUBAI / WAM
Dubai Land Department (DLD) has revealed that real estate transactions in the emirate for the first half of 2018 reached AED111 billion, reaffirming Dubai market’s attractiveness and ability to compete with global investment destinations. The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures.
According to a report issued by DLD’s Department of Real Estates Studies and Research, H1 2018 recorded a total of 27,642 transactions — 18,191 sales worth about AED40 billion, 7,668 mortgage transactions worth over AED57.6 billion, and 1,783 other transactions valued at AED13.4 billion.
Sultan Butti bin Mejren, Director-General of DLD, said, “The strategic decisions launched by the Government are in line with the vision of HH 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. 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.â€
The report revealed that during H1, Dubai real estate market recorded 19,371 investme- nts through 15,659 investors, totalling AED37 billion. UAE nationals topped the list with 2,986 investments worth AED 6.8 billion, while Indians rank-ed second with investments that hit AED5.9 billion through 3,218 investments followed by Saudis whose investments were worth almost AED3.7 billion through 1,415 investments.
The total volume of GCC nationals’ investments in Dubai’s real estate exceeded AED11.6 billion through 4,919 transactions made by 3,700 investors, while 2,094 investors from 16 Arab nations concluded 2,561 transactions worth over AED 4.115 billion. H1 saw 9,935 foreign investments from 143 nationalities making over 11,889 transactions with a total value exceeding AED21 billion.