Saturday, August 12, 2017

Dubai launches real estate projects worth $5.7bn in H1

A total of 68 real estate projects representing a value of Dh21 billion ($5.71 billion) were registered in Dubai, UAE during the first half of the year, according to latest figures from Dubai Land Department (DLD).

A total of 713 developers are registered in DLD’s database, alongside a total of 483 projects, Sultan Butti bin Mejren, director-general of DLD was quoted as saying by Wam, the Emirates official news agency.

Bin Mejren added: "Dubai is currently witnessing increasing interest from international investors, which has reinforced confidence in our real estate sector and its future prospects."

Emphasising the vitality of Dubai’s real estate market, bin Mejren explained that since the establishment of the Real Estate Regulatory Agency (Rera) ten years ago, 535 projects of various sizes have been completed, supporting a variety of economic activities in Dubai.

The first half of this year also witnessed the completion of 24 projects that had been initiated in previous years.

The figures reaffirm the momentum and sustainability of Dubai’s real estate market, which is following an upward growth trajectory. Contributing local factors include the development of ambitious infrastructure projects, and the atmosphere of security and tranquility that continues to define Dubai and the wider United Arab Emirates, the report said.

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