77 billion dirhams... investments in Dubai real estate for this reason

The activities of the "Cityscape Dubai 2022" exhibition, which continues to be held at the Dubai World Trade Center, kicked off, with the participation of 70 internal and external exhibitors from 15 countries.

A group of major real estate development companies in the UAE, in addition to companies from London, Miami, Phuket and Riyadh, participates in the exhibition, and welcomes national pavilions for three countries, namely Pakistan, Turkey and Azerbaijan, and aims to improve communication between individual buyers, consultants and investors in private real estate on the one hand, and the largest Real estate development companies, as well as real estate institutions on the other hand.

Cityscape provides an ideal platform for leading real estate development companies to highlight their new projects, communicate and interact with potential buyers, as well as exchange insights and views with real estate experts on the sector's trends and future prospects locally, regionally and globally, as the real estate market in the UAE is witnessing. The most prominent and active real estate market in the region, and a major attraction for investors from all over the world.

The Dubai Land Department stated that the total investments in Dubai real estate, for the purpose of residence, amounted to 77 billion dirhams, for 26,000 investors, since the start of work on the residence system in the department.

And she indicated, in press statements on the sidelines of the “Cityscape Dubai Global 2022” conference, the largest real estate event in the Arab Gulf region, which launched its activities yesterday, at the Dubai World Trade Center, that the number of investments is distributed at 55 billion dirhams for real estate residence for a period of two years, For 16,000 investors, and 22 billion dirhams for long-term stays of five and 10 years (Golden), for 10,000 investors.

In detail, the Executive Director of the Real Estate Investment Promotion and Management Sector at the Dubai Land Department, Magda Ali Rashid, said, “The total investments in Dubai real estate for the purpose of residence amounted to 77 billion dirhams, since the start of work on the system for residency in the department, and it includes residency for two years, and the extended golden residency.” for five and 10 years.

And she indicated, “The investments were distributed at 55 billion dirhams for real estate residence for a period of two years, which is conditional on the existence of a commercial license and the value of a property less than one million dirhams (750 thousand dirhams), as well as the golden residence linked to a property with a value of more than one million dirhams, for a period of five years, which includes the residency of retirees.” With the condition of age (55 years), and 10-year residence for the property, with more than two million dirhams, which attracted about 22 billion dirhams.

Investors associated with the golden residency

“The number of investors associated with the golden residency with a real estate guarantee has reached 10,000 investors” stressing that the aforementioned number is very good, in conjunction with the short period of time for issuing the golden residency associated with it, which has been activated since July of 2019, and differs from the two-year residency, which It started in the year 2012.

Investors linked to a commercial license

With regard to the numbers of residence of investors associated with a commercial license for a special purpose, which began in 2012, the number of beneficiaries recorded 16 thousand investors, with an investment value of approximately 55 billion dirhams.

Real estate residence project

With regard to «the real estate residence project is in continuous development, as the project began with the start of activating the residence associated with a commercial license in the year 2012, which was an investment value in the real estate of about one million dirhams at the time, and the investor is entitled to residence for a period of two years, which was then reduced by the department to (750 thousand dirhams), but this residency faced many obstacles, and they were resolved, with the entry of the golden residency with the guarantee of the property.

“With regard to the conditions for obtaining residency, it is represented in a title deed for a property worth two million dirhams, and if the property is mortgaged, the payment of it will be one million dirhams, and the second condition is the passport.” Knowing that the same procedures apply to retirees, but the value of the property reaches one million dirhams The age is 55 years.