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FINANCIAL NEWS
Dubai leases more land to foreigners
24 Jun 2012
(MENAFN) Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum issued a decree giving foreign investors the right to lease in two new plots of land, Arabian Business reported.
As part of the decree, foreigners can now lease land on two more plots in Dubai Investment Park for up to 85 years.
The decree, which is executed immediately, follows a report by Dubai Land Department (DLD) showing 53 percent increase in property sales in the Emirate compared to last year.
Official data show 654 land sales, consisting of apartments, villas and townhouses, were registered between January 1 and March 31 this year, compared to 426 during the same period in 2011.
Total value only of the transactions, however, increased only 32 percent to USD1.43 billion, according to DLD.
Dubai property market suffered from a hard hit in the wake of the global downturn, with prices dropping by nearly 60 percent and half of projects put on hold or cancelled.
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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