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Dubai’s property market sales reach AED 451bn

Dubai’s Land Department recently released statistics indicating that from 1963 till 2008 the Emirate had made sales transactions worth AED451 billion. Dubai’s property market success began in 2002, when His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Emirate’s ruler, decided to allow foreigners to own property.

The freedom for foreigners to own property boosted the real estate market of Dubai, resulting in over AED168 billion worth of transactions taking place after 2002 alone. Numerous foreign investors have bought into the Dubai property market , including Qatar, which invested approximately AED 116.782 million in 2008.

Dubai Land Department, as it took steps to consolidate its role of overseeing the key real estate sector, also unveiled its new identity this week. The new identity is meant to reflect the continuing efforts of the government to make Dubai an attractive destination for investment.

Dubai Investment Property

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