Nine agents have also been suspended by the Dubai Land Department
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The latest official data indicates that Dubai's real estate sector is gradually returning to normal, driven by stimulus packages and initiatives launched by the government and its departments in the past few months.
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It may be the right time to invest as realty prices may soon go upward.
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Developers are adapting to the current situation by introducing attractive payment plans and some offer other benefits as well.
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There were more than 570 transactions per week on average in June and the secondary property market in Dubai has recovered to pre-coronavirus levels.
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In the first five months of 2020, a total of 13,590 sales transactions were recorded were recorded, collectively worth AED 27.8 billion.
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Times are challenging but the desire for people to visit, live and work in the UAE has not diminished
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The new system allows direct interaction between the seller and buyer and the finalisation of procedures through audio-visual communication.
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Rate of decline in real estate market values accelerates in April.
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Real estate market continues to attract 'positive levels' of investor interest.
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Dubai's real estate sector has been largely unaffected in the first quarter of 2020.
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To qualify for the visa, the expat retiree must either have a property investment worth at least $544,500 (AED2 million) or savings of no less than $272,250 (AED1 million), or an active income of no less than $5,435 (AED20,000) per month.
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