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Arabian Business
43 minutes ago
- Arabian Business
Dubai real estate: Property transactions hit nearly $118bn in first half of 2025
The Dubai real estate market has achieved transactions worth AED431 billion in the first six months of 2025, representing a 25 per cent increase compared to the same period in 2024. The market processed 1.3 million real estate procedures during the period, with investment activity reaching AED326 billion and attracting 95,000 investors, marking a 39 per cent growth in investment volumes. Property investment data shows 59,000 new investors entered the market, representing a 22 per cent increase in fresh investment participation, the Dubai Media Office said via X. Record performance for Dubai's real estate sector with transactions exceeding AED 431 billion in the first half of 2025, marking a 25% growth compared to the same period in 2024. — Dubai Media Office (@DXBMediaOffice) July 20, 2025 The total investment value across all sectors reached AED157 billion, recording a 40 per cent rise compared to the first half of 2024.
Arabian Business
an hour ago
- Arabian Business
UAE tax authority issues $872mn VAT refunds to nationals building new homes
The Federal Tax Authority (FTA) has processed VAT refunds worth AED3.2 billion for UAE nationals constructing new residences, according to data released on Sunday covering the period up to June 2025. The authority approved approximately 38,000 applications for the residence refund scheme since its launch eight years ago. This represents growth from 31,000 approved applications valued at AED2.54 billion recorded by June 2024. UAE Federal Tax Authority approves 38,000 residence VAT refund applications worth AED3.2bn Between June 2024 and June 2025, the FTA approved more than 7,000 new applications worth AED653.1 million. In the first six months of 2025 alone, 3,097 applications received approval, generating refunds totalling AED284.77 million. The data shows a 22.74 per cent increase in application numbers and a 25.72 per cent rise in refund values over the past year. The digital tax refund system for tourists expanded to include 18,410 retail outlets by June 2025, compared with 17,720 outlets at the end of 2024 and approximately 17,080 outlets by June 2024. During the first half of 2025, 697 outlets connected to the system, representing a 29 per cent increase from the 540 outlets that joined during the same period in 2024. Over the past two years, including the first half of 2025, 3,390 outlets have joined the tourist refund system. The authority operates 96 self-service machines that process tourist tax refunds in approximately two minutes per transaction. These machines are located at shopping malls, hotels, and tourist departure points. 'The indicators reflect the ongoing development and upgrade of our digital systems in line with global best practices, and in alignment with the UAE's digital transformation strategy. The Authority's initiatives in this regard have positively impacted the overall quality and performance of its services, particularly the digital VAT refund systems for eligible categories,' Khalid Ali Al Bustani, Director General of the FTA said. Al Bustani highlighted the 'Maskan' smart application, which processes VAT refunds for UAE nationals through paperless procedures with fully digitised operations. The FTA launched the world's first e-commerce purchases VAT refund system for tourists in December 2024. The system allows tourists to claim refunds on online purchases made during their stay in the UAE. 'As part of its efforts to develop digital services, FTA launched last December the world's first e-commerce purchases VAT refund system for tourists during their stay in the UAE, supporting the UAE's leadership in all sectors, including the tourism sector and the e-commerce sector,' he added. The digital platform enables tourists to scan passports, share transactions as digital invoices, check invoices through a shopper portal, and receive refundable tax credits through fully digitalised procedures. Al Bustani confirmed the authority would continue implementing digital transformation projects in the tax sector to support the government's strategy for reducing bureaucracy and maintaining customer satisfaction levels.
The National
an hour ago
- The National
Emiratis claim Dh3.2bn for new homes under tax refund scheme
The UAE has said citizens have reclaimed Dh3.2 billion ($871 million) in VAT refunds for building new residences as of June, after the launch of the service eight years ago, as the country implements new tax initiatives and reforms. The total number of approved applications for VAT refunds related to new residences for UAE citizens reached about 38,000, the Federal Tax Authority said on Sunday. This is up more than 22 per cent from the 31,000 approved applications and nearly 26 per cent higher than the Dh2.54 billion in June 2024. In the first half of this year, 3,097 new applications were approved, resulting in cumulative refunds of Dh284.77 million, the FTA said. The UAE introduced 5 per cent VAT on most goods and services in January 2018 as part of its plans to diversify and reduce economic dependence on oil. When a UAE citizen owns or acquires land in the UAE on which they build or commission the construction of their own residence, they can claim for a VAT refund incurred on the development. Tax refund options for tourists The FTA also said it is continuing to expand the digital tax refund system for tourists, with the number of registered retail outlets connected to the system rising to 18,410 shops by the end of June. That is up from 17,720 shops at the end of 2024 and the 17,080 six months earlier. The total number of outlets that have joined the digital tax refund system for tourists in the past two years stands at 3,390. The VAT refund scheme for tourists has been available in the Emirates since November 2018. Tourists who spend at least Dh250 on purchases can claim their refunds at designated outlets before leaving the country. The UAE also introduced a paperless tax refund system in 2022 for tourists visiting the country, doing away with the need to retain receipts. In June 2019, the country launched fully automated self-service kiosks across the country to support tourists to claim VAT refunds before departing the UAE. The number of the machines at malls and hotels that automate the tax refund process for tourists, taking only two minutes per transaction, was 96 as of the end of June, the FTA said. In December, the authority launched the e-commerce purchases VAT refund system for tourists during their stay in the UAE. The authority plans to continue to introduce various projects to digitally transform the tax sector in line with the government's strategy to reduce bureaucracy and maintain customer satisfaction, said Khalid Al Bustani, the FTA's director general. 'Among the key initiatives in this area is the 'Maskan' smart application, which enhances the ease and convenience of VAT refunds for Emiratis, and relies on paperless procedures with 100 per cent fully digitised procedures," he said.
