The value of real estate transactions in Dubai rose 33 percent to AED 34 billion ($9.26 billion) in the first five months of the year, according to statistics from the Dubai Land Department.
According to the data, the value of residential and commercial apartments’ deals reached AED 17 billion ($4.63 billion), while land purchase transactions stood at AED 14 billion ($3.81 billion).
Deals for villas reached AED 3 billion ($816.77 million).
According to the DLD, the figures are largely a result of government policies to encourage investment and boost the attractiveness of Dubai’s real estate sector.
These changes have included a permanent residency system for some expats, offering residency to foreign retirees, a 10-year residence visa for investors and 100 percent foreign ownership for companies in the UAE.