Dubai real estate transactions declined week ending 5 August despite new laws to continue attracting foreign capital

The Dubai real estate market witnessed a slight decline in property deals last Wednesday, 3 August 2022, at AED 888 million ($241.8 million) compared to AED 1.2 billion registered transactions the previous day.

According to the Dubai Land Department (DLD), property deals on Wednesday, 3 August included 310 sales transactions worth AED 668.1 million, including 250 villas and apartments worth AED 450.41 million and 60 land plots worth AED 217.69 million.

The Dubai real estate market has been on a noticeable increase in recent weeks, registering property transactions worth over $1 billion in several days, hitting over AED 1.2 billion, AED 1.4 billion, AED 1 billion and AED 3.9 billion in single days. This result meant June was a record breaking month worth AED 22.7 billion transactions, the highest sales figure in the last 13 years.

With new laws on property investment funds a gain in foreign capital is expected. On 19 July, this new law is to grant certain rights to real estate investment funds, reported Emirates Media Agency (WAM). Investors will be entitled to benefits to help them invest in the Dubai real estate market. The new law will encourage investors and real estate funds to enter the market while increasing transparency and governance.

In addition, it will contribute to regulating  private developments and free zone areas in Dubai. As a result, high-net-worth individuals are flocking to Dubai, and this legislation will open up new areas for personal and professional relocation. 
The register is open to applicants with real estate assets of 180 million dirhams $49 million or more.

There is also a dedicated committee created by the new law that identifies which areas and properties the funds may invest in. 

With real estate as one of Dubai’s focus sectors, the move comes as the city ramps up efforts to attract foreign investors.

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