Real estate transactions touch Dh111b in H1 2018

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Real estate transactions have touched a whopping Dh111 billion in the first half of 2018 for the Dubai real estate market. When it comes to investors, Saudis, Indians and UAE residents take the top three positions in terms of transactions amounting to approximately Dh 3.7 billion, Dh 5.9 billion and Dh 6.8 billion respectively. There were around 27, 642 deals observed in total by the Dubai Land Department or DLD in this duration with sales volumes contributing Dh40 billion in terms of 18, 191 deals and Dh57.6 billion being contributed by mortgage linked transactions. Other deals contributed around Dh13.4 billion and these were 1, 783 in total.
Several incentives were introduced for boosting overall demand including the waiver of the 4% penalty for people who did not register properties within a period of 60 days. However, the full benefits and impact of recent governmental moves like the 10-year residency visas for investors and lowering of government fees will positively rub off on the property market in the near future.
The Government is steadily preparing to offer the very best services to real estate developers and investors alike. As per the reports for H1 2018, the overall volumes of investments made by GCC nationals in local property stands at Dh11.6 billion spread across 4, 919 transactions made by a total of 3, 700 investors. Investors preferred key locations such as Dubai Marina and Business Bay which had 1, 445 transactions and 1, 934 deals taking place.
Dubai Marina was the top location in terms of mortgage based deals while Jebel Ali First was at number two in the list followed by Business Bay in this category.

Resident Editor