The Dubai Land Department (DLD) recorded a total of Dhs 111 Billion worth of real estate transactions in Dubai in the first half of 2018 (H1 2018), compared to Dhs 132 Billion recorded same time in 2017. Among the top investors are the UAE nationals, Indians, and Saudis reaching Dhs 6.8 Billion, Dhs 5.9 Billion, and Dhs 3.7 Billion, respectively, as per DLD’s statistics.
A total of 27,642 deals were registered with the Dubai Land Department during this period, splitting from Dhs 40 Billion from sales (18,191 deals), mortgage-based transactions worth Dhs 57.6 Billion (7,668 deals), and others totalling Dhs 13.4 Billion (from 1,783 deals).
DLD’s continues efforts to boost demand for Dubai real estate includes waiving the 4 percent penalty for those who failed to register their properties within 60 days. Also, from the Dubai Government’s initiative to grand investors a 10-year residency visas and reducing government fees, which will take effect in the next months.
Also read: HH Sheikh Mohammed Announced A 10-Year Visa for UAE Investors, Professionals & Top Students
“We were quick to adapt and align ourselves with these decisions,” said Sultan Butti Bin Mejren, Director-General. “This underpins the Government’s efforts to provide the best possible services to investors and developers alike.”
In the H1 of 2018 report shows a large number of GCC nationals’ investments in local real estate at around Dhs 11.6 Billion from 4,919 transactions made by 3,700 investors.
Dubai locations with highest property investment include Business Bay with a total of 1,934 transactions worth nearly Dhs 4.2 Billion, followed by Dubai Marina with 1,445 transactions worth Dhs 2.9 Billion.
Dubai Marina ranked as the top choice of investors in terms of mortgage-based deals with a total of 498 transactions worth more than Dhs 1.7 Billion, followed by Jebel Ali with 454 transactions worth Dhs 769 Million, and Business Bay with 453 transactions for a combined Dhs 3 Billion.