Dubai: Real estate transactions in Dubai totalled Dh111 billion in the first six months of the year from the robust Dh132 billion recorded same time last year. UAE nationals, Indians and Saudis continue to take up the top three spots in committing investments, accounting for Dh6.8 billion, Dh5.9 billion and Dh3.7 billion, respectively, according to figures from Dubai Land Department.
In all, there were 27,642 deals registered with the government entity during the period, with the break up showing Dh40 billion from sales (18,191 deals), mortgage-based transactions totalling Dh57.6 billion (7,668 deals), and others totalling Dh13.4 billion (from 1,783 deals).
The Land Department introduced a series of incentives to boost demand, including waiving the 4 per cent penalty for those failing to register their properties within 60 days. But the full benefits from the Dubai Government’s more recent decisions — such as granting investors 10-year residency visas and reducing government fees — will be felt down the line.
“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.”
The first-half report shows the total volume of GCC nationals’ investments in local real estate at Dh11.6 billion plus (through 4,919 transactions made by 3,700 investors).
The top locations for investors were Business Bay (with 1,934 transactions netting nearly Dh4.2 billion), followed by Dubai Marina (1,445 transactions and Dh2.9 billion).
For mortgage backed deals, Dubai Marina topped the rankings, with 498 transactions worth more than Dh1.7 billion, and Jebel Ali First came next, with 454 transactions of Dh769 million. Business Bay had 453 transactions for a combined Dh3 billion.