Dubai registers $22.3bn real estate projects in 2017

23/02/2018 05:52 AST

Dubai Land Department (DLD) said 2017 was a year full of activity for the emirate's real estate market, with a total of 90 projects completed and 150 projects worth Dh82 billion ($22.3 billion) registered during the year.

The spurt in the market activity was mainly due to the department's flexible procedures and keenness to strengthen co-operation and co-ordination with real estate developers, thus establishing a safe and transparent market environment, reported state news agency Wam.

There had been an optimistic mood in the market since the beginning of 2018, stated the report, citing a top official.

"There is a strong demand from developers to deposit the 20 per cent escrow of the total value of future projects they intend to launch, as it enhances investor confidence in real estate development projects," observed Sultan Butti bin Mejren, the director-general of DLD.

"There is strong co-ordination among all relevant government institutions including Dubai Land Department, as well as between developers and various parties in the market, to establish confidence among investors and achieve the highest degree of transparency in Dubai’s real estate market," he stated.

"All agreed, and applicable procedures in the market provide reassurance to both developers and investors," said bin Mejren. "They also work to limit transgressions among all parties and prevent the emergence of any negative activities to protect the Dubai's real estate market, especially as it has gained wide international fame by focusing on protecting the rights of all," he noted.

"This has attracted investors from all over the world, establishing Dubai as the preferred place to live, work and visit," he added.

Trade Arabia