Dubai real estate picking up in H1 with Emiratis, Indians and Brits showing massive interest
As the second half of 2018 approaches, Dubai real estate has experienced the significant benefits of the recent path-breaking initiatives of the leaders.
Just in H1, Dubai recorded Dh111 billions in real estate deals with Business Bay and Dubai Marina at the top of the investors’ list. Business Bay reigns also in terms of value with its transactions accounting for a sizeable Dh4.2 billion.
Sultan Butti bin Mejren, director-general of DLD, said: “The government’s strategic decisions have had a significant impact on sustainable growth and on strengthening the competitiveness of the national economy. 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 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 the world.”
But who is the most interested in property in Dubai? While Emirati investors ranked first in both the number and value of transactions – Indian nationals were heavily involved in real estate transactions in that first half of the year. Emiratis were involved in 2,986 transactions worth Dh6.8 billions, whereas Indians came in second with 3,218 transactions at Dh5.9 billions. Saudis invested in Dubai almost Dh3.7 billion through 1,415 investments, taking third place on the list. Britain, Pakistan, China, Egypt, Jordan, and France, complete the list of international investors who see Dubai as a powerhouse for real estate investment.
Dubai realty is also set for a dynamic start in this H2 since Cityscape Dubai in October will inject the market with new developments, product launches, and flexible payment plans. Among Copperstones’ immediate plans is Copperstones’ participation at Cityscape Dubai, as the exhibition provides our team with the perfect platform to showcase our exclusive international luxury properties to well-placed investors.
Bin Mejren identified the maturity levels of the real estate market in Dubai have reached as the main reason the sector is bouncing back. He also added ‘Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021.’
As regards the market observers’ outlook about H2 2018, the predictions are particularly good due to the past months’ announcements. These include a 10-year visa for investors, allowing funds and REITs to list on the Dubai Financial Market, reducing fines and providing payment plans to expired business licenses, stimulation of businesses by releasing Dh14 billion in the form of visa deposits, allowing many businesses to own 100% of their shareholding, six-month visas for people looking for work opportunities and a freeze on school fees.
If you are looking for investment opportunities in Dubai, Copperstones has a growing luxury portfolio in the Emirate, that also includes properties in Business Bay, the most desired area in Dubai in 2018. Contact us on 08 445 555 555 and +44 203 888 5555 or email us at info(at)copperstones(dotted)com to learn more about investing in Dubai.
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