Tuesday, April 4, 2017

Dubai real estate transactions hit $21bn in Q1

The value of real estate transactions in Dubai, UAE reached Dh77 billion ($21 billion) through 20,000 deals during the first quarter of 2017, said Sultan Butti bin Mejren, director general of Dubai Land Department.

Bin Mejren explained that according to the Land Department's data analysis there is an increase in the value of transactions by 45 per cent compared to the first quarter of 2016.

This indicates that the real estate market in Dubai is preparing for a new phase of momentum and the rise and strong results achieved during the first quarter of this year was not surprising but expected, especially with the sustainable growth that the real estate market is currently witnessing.

He added that the total value of real estate investments reached more than Dh40 billion through 15,501 investment transactions.

Bin Mejren was speaking at a media gathering as part of the ‘Ask the Leader’ initiative organised by the Dubai International Government Achievements Exhibition 2017. On the second day of the exhibition, DLD received a wide range of visitors interested in the real estate sector, as well as a group of media representatives.

Bin Mejren hosted the meeting with the media and public alongside Marwan bin Ghalita, CEO of the Real Estate Regulatory Authority (RERA) and answered questions and inquiries. Bin Mejren also launched the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide in cooperation with Al Tamimi & Company.
 
Visitors at the Dubai International Government Achievements Exhibition 2017 were invited to a press conference announcing the launch of the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide, which is being issued in cooperation between DLD and Al Tamimi & Co.

The event was also attended by Husam Hourani, managing partner of Al Tamimi, who participated to provide more details about the guide and its aim to highlight the investor rights guaranteed by the Emirate’s laws and regulations.

Commenting on the new guide, Bin Mejren said: "Through its various departments, DLD is keen to cooperate with all concerned parties in the public and private sectors to spread awareness and a safe real estate culture among citizens, residents and visitors by informing them of their rights and duties. This book will certainly help to inform investors about their rights, and is also a tool for promoting a safe and stable investment environment for investors seeking opportunities in Dubai – a haven for world-class investments.”

Hourani said: “We are delighted to be partnering with DLD in this exciting initiative. The guide provides those interested in investing in Dubai’s real estate sector with comprehensive information to ensure they have all of the information they need to make well-informed decisions and protect their investments.”

DLD is participating under the theme ‘Dubai Land…Innovative Achievements…Global Leadership’ and will be part of the following three events this year: Dubai International Government Achievements Exhibition (DIGAE), International Property Show (IPS), and Future Cities Show. – TradeArabia News Service



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