Dubai real estate transactions grow 33% to $9.3bn during Jan-May 2019
DLD says residential and commercial property deals worth $4.6bn were carried out during the first five months of 2019
The value of real estate transactions in Dubai grew by 33% to reach $9.3bn (AED34bn) during the first five months of 2019, according to data released by Dubai Land Department (DLD).
Residential and commercial property deals worth $4.6bn (AED17bn) were carried out between January and May 2019, while transactions involving land purchases reached $3.8bn (AED14bn) during the period.
Villa transaction values reached $816.8m (AED3bn), and according to a report by Construction Week’s sister title Arabian Business, the growth was attributed by DLD to Dubai's policies to encourage real estate investment.
This includes moves such as the launch of the Gold Card permanent residency scheme rolled out for select investors and individuals with extraordinary capabilities in the fields of science, engineering, arts, and medicine.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the UAE Gold Card's launch on 21 May, 2019.
In 2018, Sheikh Mohammed also announced the 10-year residency scheme for expats, the expat retiree visa, and the rule that allows 100% foreign ownership of UAE-based companies.
Select expat businessmen in the UAE have already been awarded the 10-year visa, including Danube Group's founder and chairman, Rizwan Sajan; and founder, chairman, and managing director of Aster DM Healthcare, Dr Azad Moopen.