Real estate transactions in Dubai touched handsome levels in the first half of 2018 as per reports. As per data released by the DLD (Dubai Land Department), realty transactions touched a whopping AED111 billion or roughly $30.2 billion for this period. There were 27, 642 transactions over the first 6 months in 2018 with 18, 191 sales and 7, 668 mortgage transactions.
There have been several strategic Government decisions that have boosted the real estate market in Dubai according to experts. Investors can now get a UAE residency visa for up to 10 years and government fees have also been lowered due to previous initiatives. These measures are bound to spur considerable economic growth in the UAE and will lower business costs overall. The 4% penalty imposed on property owners for not registering developments within a period of 60 days has already been waived too.
UAE nationals were the highest investors for the above mentioned period with 2, 986 investments equating to roughly AED 6.8 billion coming from them while Indian investors chipped with AED 5.9 billion worth of investment. The Saudi investors contributed AED 3.7 billion to the tally as well. The other top investors come from Britain, China, Pakistan, France, Jordan and Egypt. Female investors had 5, 526 transactions in their name for this period according to reports, cumulatively valued at around AED 9 billion. Dubai currently has several big ticket projects being developed including the likes of Damac Akoya Manarola, Seven City JLT, Danube Resortz, DP Serena-Casa Dora and Emaar Forte among several others.