Dubai’s most in-demand areas for property buyers over the first half of this year were Business Bay and Dubai Marina, according to statistics released by the Dubai Land Department (DLD).
Properties in Businsess Bay amassed 1,934 transactions, amounting to AED 4.2 billion ($1.1bn) during the first six months of the year, followed by Dubai Marina with 1.445 transactions valued at a total of AED 2.9 billion ($790m).
The latter also registered the largest number of mortgage transactions totalling over AED 1.7 billion ($463m).
l Merkadh, Al Barsha South, Al Warsan 1, Jebel Ali First, Al Hebiah Fourth, Al Thanayah 5, Burj Khalifa and Al Yelayiss 2 round out the list of top areas where investors have sought property.
A large number of investors are those already resident in Dubai is evidence of a revision in the UAE’s residency laws that will allow investors visas for up to 10 years, “having a significant impact on sustainable growth and strength of the competitiveness of the national economy,” according to DLD director general Sultan Butti bin Mejren.
“We were also quick to adapt and align ourselves with these decisions: The 4% penalty that property owners were incurred for failing to register their developments within 60 days has been waived,” he said, adding that “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.”
Nationals from the GCC have bought AED 11.6 billion ($3.1bn) of property in Dubai making for the largest contingency of real estate investors in the first half of the year.
Dubai’s property market registered AED 111 billion in transactions from January to June this year with roughly AED 40 billion in sales, AED 57.6 billion in mortgages and AED 13.4 billion in related transactions.
Emirati nationals topped the list of property investors with 2,986 investments made totaling AED 6.8 billion. Indian investors came second on the list with a total of AED 5.9 billion, followed by Saudi Arabian investments worth nearly AED 3.7 billion.
Nationalities rounding out the list of top 10 investors included Britain, Pakistan, China, Egypt, Jordan and France.
In sum, investors from the GCC and Arab countries accounted for more than AED 15.72 billion of total property buying activity in Dubai during the period.
Source : Arabianbusiness