The total amount of real estate transactions recorded in Dubai, UAE, has surged to Dh2.8 billion ($762 million), according to the annual report released by Dubai Land Department (DLD).

The emirate recorded real estate transactions worth Dh111 billion, for the first half of 2018 thus reaffirming Dubai market's attractiveness and ability to compete with global investment destinations.

The strengths portrayed by Dubai's real estate investments underscore the leadership's mandate to ease business processes and procedures, said a statement from DLD.

According to the report issued by DLD's Department of Real Estates Studies & Research, H1 2018 recorded a total of 27,642 transactions, 18,191 sales worth about Dh40 billion, 7,668 mortgage transactions worth over AED 57.6 billion, and 1,783 other transactions valued at Dh13.4 billion.

Sultan Butti bin Mejren, the director general of DLD, said: "The strategic decisions launched by the government are in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and 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," he added.

Bin Mejren pointed out that DLD was also quick to adapt and align itself with these decisions.

"The 4 per cent penalty that property owners were incurred for failing to register their developments within 60 days has been waived. This underpins the Government's efforts to provide the best possible services to investors and developers alike," he added

Regarding the size of the investments, the report revealed that during H1 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling Dh37 billion.

UAE nationals topped the list with 2,986 investments worth Dh6.8 billion, while Indian nationals ranked second — with investments that amounted to Dh5.9 billion through 3,218 investments — followed by Saudi Arabians whose investments were worth almost Dh3.7 billion through 1,415 investments, said the statement from DLD.

The list of top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively, it added.-TradeArabia News Service