The recent Dubai Land Department report revealed the total volume of transactions closed in H1 2018, their total cost, and also the overall investments amount in the sector.
The week of semi-annual, quarterly and other statistical and analytical reports in the Dubai real estate market has brought some clearance to understanding where the industry is heading. This time, the data from consultancies was supplemented and adjusted by the official report of the Dubai Land Department (DLD).
The total amount of real estate deals closed in Dubai in H1 2018 has surged to AED2.8 billion (USD762 million), said the report. The overall real estate transactions recorded in Dubai during this period reached AED111 billion, thus confirming Dubai market's status as one of the most attractive global investment destinations.
According to the report issued by DLD's Department of Real Estates Studies & Research, a total of 27,642 transactions were done in the first six moth of 2018, of which 18,191 were sales worth about AED40 billion, and of these 7,668 were mortgage transactions worth over AED57.6 billion in tottal, with 1,783 represented by other deals valued at AED13.4 billion.
Sultan Butti bin Mejren, the Director General of DLD, has emphasized: "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 10 years and reducing government fees 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 said.
Bin Mejren pointed out that DLD was also quick to adapt and align its performance with the decisions made.
"The 4 per cent 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 has disclosed.
As for the real estate investments sector, the report claimed that 15,659 investors have poured AED37 billion in Dubai property market through 19,371 investments made in the first half of 2018.
UAE nationals, as usual, topped the list with 2,986 investments worth AED 6.8 billion, with Indian nationals ranked second having invested about AED5.9 billion, followed by Saudi Arabians, who have put almost AED3.7 billion in Dubai real estate.
The Top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively.
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