Dubai’s real estate transactions hit $ 30 b in 1H

The volume of real estate transactions in Dubai rose to 27,642, worth AED 111 billion ($ 30.2 billion) for the first half, thus reaffirming the Emirate’s attractiveness and ability to compete with global investment destinations, said a report by Dubai Land Department (DLD).

The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures, it stated.

According to a report by DLD’s Department of Real Estates Studies and Research, the first half recorded a total of 18,191 sales worth about AED 40 billion, 7,668 mortgage transactions worth over AED 57.6 billion, and 1,783 other transactions valued at AED 13.4 billion.

DLD Director General Sultan Butti bin Mejren said: "The strategic decisions of the Government are in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister 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," stated Bin Mejren.

"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," he added.

Regarding the size of the investments, the report revealed that during the first six months, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling AED 37 billion. 

UAE nationals topped the list with 2,986 investments worth AED 6.8 billion followed by Indian nationals, who ranked second with investments to the tune of AED 5.9 billion through 3,218 transactions, and Saudi nationals with nearly AED 3.7 billion investments through 1,415 deals. 

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

The total volume of GCC nationals' investments in Dubai’s real estate exceeded AED 11.6 billion through 4,919 transactions made by 3,700 investors, while 2,094 investors from 16 Arab countries concluded 2,561 transactions worth more than AED 4.115 billion, said the DLD in its report. 

The first half also saw 9,935 foreign investments from 143 nationalities resulting in more than 11,889 transactions with a total value exceeding AED 21 billion.

The value of properties registered by female investors reached AED 9 billion through 5,526 transactions, it added.

"If we were to identify the reason behind the strengthening real estate market, it would be the level of maturity it has reached to maintain its sustainable growth," remarked Bin Mejren. 

"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," he added. (Source: TradeArabia News Service)