The value of property transactions in Dubai on the first Friday of the new working week in the UAE stood at more than Dh2.53 billion ($690 million), with 227 transactions.
The total value of property transactions recorded in the first week of the year surpassed Dh7.24bn, with 1,766 transactions, the Dubai Media Office said.
Data from the Dubai Land Department showed that the first working Friday included 173 sales transactions worth Dh2.38bn – 12 of which were land plots worth Dh451.16m and 161 were apartments and villas valued at Dh1.93bn, officials said on Friday.
The UAE government announced the shift to a Monday-Friday working week on December 7. Public sector workers at the ministerial level have moved to a four-and-half-day working week, with Friday being a half day.
Private companies are free to decide whether they will adopt the new working week but many businesses have already committed to the switch.
The property market in the UAE, the second-largest Arab economy, has made a strong recovery from the pandemic-driven slowdown on the back of the government's fiscal and monetary measures.
Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pick-up in economic activity.
Last year, there were 84,772 property transactions worth Dh300bn in Dubai, the emirate's land department reported.
The top three areas that recorded the highest value of land sales transactions on Friday were Marsa Dubai, with land sales worth Dh369m, Al Thanya Fifth, where a plot of land was sold for Dh28m, and The Palm Jumeirah, where a plot of land went for Dh17m.
Dubai’s Jebel Ali First area recorded the highest number of transactions on Friday, with three sales transactions worth Dh6m. It was followed by The Palm Jumeirah, with a Dh17m sales transaction, and Warsan First, with a Dh4m sales transaction.
The three highest-valued sales transactions involving transfers of apartments and villas included a Dh500m transaction in The Palm, followed by a Dh495m transaction in Marsa Dubai and a Dh402m deal, also in Marsa Dubai.
Jebel Ali First had the most villa and apartment sales transactions on Friday, with 23 transactions worth Dh18m. Business Bay and Al Barsha South Fourth recorded 21 sales transactions (Dh25m) and 13 sales transactions (Dh16m), respectively.
The total value of mortgage transactions concluded on Friday was Dh125.03m, the media office said. The biggest mortgage transaction was registered in Al Thanya Fourth, with a value of Dh37m, followed by Nad Al Sheba Third at Dh11m.
Five properties worth Dh19.16m were granted to immediate family members. Among these, the highest value of Dh12m was registered in Al Merkadh.
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2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
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17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
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Director: Elie Semaan
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Read part four: an affection for classic cars lives on
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UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
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Venue: Sharjah Cricket Stadium
Fixtures:
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Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
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When: July 1
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Result:
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Global state-owned investor ranking by size
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China
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UAE
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Norway
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Canada
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
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