Tuesday, April 4, 2017

Dubai real estate transactions hit $20.96bn in Q1

The value of real estate transactions in Dubai reached Dh77 billion ($20.96 billion) during the first quarter of 2017, Dubai Land Department (DLD) has announced.

There were 20,000 real estate transactions, Sultan Butti bin Mejren, director general of Dubai Land Department, was quoted as saying in a Dubai Media Office report.

He was speaking at a media gathering hosted by DLD as part of the ‘Ask the Leader’ initiative organised by the Dubai International Government Achievements Exhibition 2017.

Bin Mejren confirmed that according to the Land Department's data analysis there is a 45 per cent increase in the value of transactions compared to the first quarter of last year.

This indicates that the real estate market in Dubai is preparing for a new phase of momentum and strong results achieved during the first quarter was 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 ($10.89 billion) through 15,501 investment transactions.

Bin Mejren hosted the meeting with the media and public alongside Engineer Marwan bin Ghalita, CEO of the Real Estate Regulatory Authority (Rera). Bin Mejren also launched the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide in cooperation with Al Tamimi & Company.
The event was attended by Husam Hourani, managing partner of Al Tamimi & Co.

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