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.

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