Real estate transactions in Dubai for the first half of 2018 have reached $30bn (AED111bn), Dubai Land Department revealed.
A total of 27,642 transactions were logged in the first half of the year, with 18,191 sales worth about $11bn (AED40bn) recorded, according to a report issued by DLD’s Department of Real Estates Studies & Research.
Moreover, 7,668 mortgage transactions worth more than $16bn (AED57.6bn) have been recorded, as well as 1,783 other transactions valued at $3.5bn (AED13.4bn) so far this year.
Regarding the size of the investments, the report revealed that during H1 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling $10bn (AED37bn).
HE Sultan Butti bin Mejren, director general of Dubai Land Department, said: “Granting investors a UAE residency visa for up to 10 years and reducing government fees included in previous initiatives 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."
In terms of the numbers and values of real estate transactions in the Dubai market during H1 2018, Business Bay topped the list with 1,934 transactions worth almost $1.1bn (AED4.2bn), followed by Dubai Marina in second place with 1,445 transactions worth $790m (AED2.9bn), and Al Merkadh ranking third with 1,262 transactions valued $571m (AED2.1bn).
The remaining seven areas went to Al Barsha South Fourth, Al Warsan 1, Jebel Ali First, Al Hebiah Fourth, Al Thanayah 5, Burj Khalifa and Al Yelayiss 2.