Value of Dubai real estate transactions up 33% in 2019
Deals for apartments in Dubai constitute the largest portion of the total value of transactions
The value of real estate transactions in Dubai rose 33% to $9.26b (AED34b) in the first five months of the year, according to statistics from the Dubai Land Department.
According to the data, the value of residential and commercial apartments’ deals reached $4.63b (AED 17b), while land purchase transactions stood at $3.81b (AED14b).
Deals for villas reached $816.77m (AED3b).
According to the DLD, the figures are largely a result of government policies to encourage investment and boost the attractiveness of Dubai’s real estate sector.
These changes have included a permanent residency system for some expats, offering residency to foreign retirees, a 10-year residence visa for investors and 100% foreign ownership for companies in the UAE.