With price corrections and new announcements from the government, Dubai has seen an upsurge in real estate transactions in the first half of 2019.
A welcome change to Dubai's property market
The total real estate transactions in the emirate of Dubai valued at more than AED 34 billion during the first five months of 2019, up 33% from AED 24 billion in 2018, recent data issued by Dubai Land Department (DLD) showed.
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.
Real estate transactions over the past five-month period included completed and ongoing deals.
The value of residential and commercial apartments’ deals in the emirate surpassed AED 17 billion, while land purchasing transactions amounted to AED 14 billion and villas deals stood at AED 3 billion.
New announcements in Dubai impact real estate deals
This growing number of real estate purchasers came as a result of the attractiveness of the real estate market in Dubai thanks to a number of recently issued decisions by the UAE government.
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.