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Real estate transactions in Dubai fell by 15.9% in the first half of 2018 to 111 billion dirhams, according to the latest data released by the Dubai Land Department (DLD).
In comparison, the value of transactions was Dhs132bn for the first half of 2017, Dhs113bn for the first half of 2016 and Dhs129bn for S1 2015.
According to the DLD report, a total of 27,642 transactions were recorded in the first half of 2018, of which 18191 sales were worth Dhs40bn, 7.668 Mortgage transactions yielded 57.6 billion dirhams and 1,783 other transactions valued at 13.4 billion dirhams.
The report reveals that during the period, 19,371 investments were made by 15,659 investors, for a total of 37 billion dirhams
. This list includes 2,986 investments valued at 6.8 billion Dhs, followed by Indian nationals (5.9 billion dirhams through 3,218 investments) and nationals of Saudi Arabia (3, 7 billion dirhams per 1,415 investments).
The total investment volume of GCC nationals in Dubai real estate exceeded 11.6 billion dirhams, through 4,919 transactions by 3,700 investors, while the total volume of investments by nationals of the CGC in Dubai real estate was 11.6 billion dirhams. foreign nationals of 143 nationalities registered more than 11,889 transactions with a total value greater than Dhs21bn.
Sultan Butti bin Mejren, Director General of DLD said: "Granting investors a residence visa UAE for 10 years and reducing government fees included in previous initiatives will be the most important incentives to 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 May, the UAE introduced a new visa system that will allow property investors to stay in the country for 10 years. The government also announced several measures to reduce the cost of doing business in the country.
"We quickly adapted and aligned ourselves with these decisions," said Bin Mejren. "The 4 percent penalty that owners were incurred for failing to record their developments within 60 days has been lifted." This underpins the government's efforts to provide the best possible services to investors and developers "
The report also identified the top 10 areas in terms of volumes and values of real estate transactions in the Dubai market in H1 2018.
Business Bay leads with 1,934 transactions for a value of nearly Dhs4.2bn, followed by Dubai Marina with 1,445 transactions worth Dhs2.9bn and Al Merkadh with 1,262 transactions worth Dhs2.1bn.
Al Barsha South Fourth, Al Warsan 1, Jebel Ali First, Al Hebiah Fourth, Al Thanayah 5, Burj Khalifa and Al Yelayiss 2, completed the top 10.
In terms of mortgages, Dubai Marina dominated the list with 498 transactions of a value greater than Dhs1.7bn, followed by Jebel Ali Premier, Business Bay, Al Thanyah Fifth, Al Barsha South Fourth, Nad Al Shiba First, Wadi Al Safa 5, Palm Jumeirah, Burj Khalifa and Thanyah Fourth.
Bin Mejren pointed out that the real estate market of the emirate has matured adequately "" Expo 2020 is at hand, and market developers are expressing interest in aligning with the guidelines management to turn Dubai into an attractive investment pole in support of Dubai's 2021 strategic plan, "he said.
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