Land department reports figures of $21bn for first quarter of the year and issues rights guide for investors
Real estate transactions in Dubai registered a year-on-year increase of 45% in the first quarter of 2017 to touch $21bn, with 20,000 transactions being reported, according to statistics revealed by the Dubai Land Department (DLD).
While announcing the figures, Sultan Butti bin Mejren, director general of DLD, said the results indicate that the real estate market in Dubai is preparing for a new phase of momentum and added that the strong Q1 results were along expected lines, especially with the sustainable growth that the real estate market is currently witnessing.
Bin Mejren revealed the figures while speaking at the ‘Ask the Leader’ initiative organised by the Dubai International Government Achievements Exhibition 2017. He was also joined by Marwan bin Ghalita, CEO of the Real Estate Regulatory Authority (RERA), as he launched the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide in cooperation with the DLD and Al Tamimi & Company, whose managing partner Husam Hourani was also in attendance.
“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,” Bin Mejren said. “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 added: “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.”