Emirate sees 33% increase in deals compared to same period in 2018
The total value of real estate transactions in Dubai reached more than $9.25 billion during the first five months of 2019, marking a 33% increase from the $6.53 billion recorded last year, data from Dubai Land Department (DLD) has revealed.
The value of residential and commercial apartment deals topped $4.62 billion, while land purchasing transactions amounted to $3.81 billion, while villa deals stood at $816,771,030, the DLD data showed.
It explained that this growing number of real estate purchasers was because of the attractiveness of the real estate market in Dubai, thanks to a number of recently issued decisions by the UAE government. The real estate transactions over the past five-month period included completed and ongoing deals.
The apartments market came in the first spot in terms of transactions, beating the lands market, while the villas market maintained its third-place position, DLD data highlighted.
These decisions mainly include the permanent residency system for selected expats, offering residency to foreign pensioners, the 10-year residence visa for investors, and the 100% foreign ownership of companies in the UAE.