'

Dubai real estate deals exceed $30bn in H1

Dubai Land Department chief says government reforms have had 'significant impact' on property market
By Sam Bridge
Sat 07 Jul 2018 06:54 PM

Real estate transactions in Dubai for the first half of 2018 reached AED111 billion ($30.2 billion), according to the Dubai Land Department (DLD).

According to a report issued by DLD’s Department of Real Estates Studies and Research, there were a total of 27,642 transactions in the first six months of the year plus 18,191 sales and 7,668 mortgage transactions.

Sultan Butti bin Mejren, director-general of Dubai Land Department, said: "The strategic decisions launched by the Government... 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 ten 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."

He added: "We were also quick to adapt and align ourselves with these decisions; the four percent 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."

The report revealed that during H1 UAE nationals topped the list of investors with 2,986 investments worth AED6.8 billion, followed by Indians with investments amounting to AED5.9 billion and Saudis whose investments were worth almost AED3.7 billion.

The list of top 10 investors by nationality also included those from Britain, Pakistan, China, Egypt, Jordan and France.

The value of properties registered by female investors, as recorded by DLD, reached AED9 billion through 5,526 transactions.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Sat 07 Jul 2018 07:06 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.