Completed projects in Dubai this year added 14,000 different properties to the market, including 10,000 apartments, 364 residential complexes, 2,258 townhouses, and 1,575 villas, said the director general of Dubai Land Department (DLD).
“47 projects were introduced into the market after they were completed based on their set timelines,” added Sultan Butti bin Mejren in DLD’s latest report covering the period from the beginning of 2018 to August 31.
Dubai Land Department (DLD) revealed that the results of the Dubai real estate market during the first eight months of 2018 are encouraging, especially in light of the timely completion of projects. One of the signs of the real estate market’s attractiveness is its continued ability to attract additional investors who have invested heavily, contributing to sustainable growth.
“The success of delivery of the 47 completed projects reflects the interest and commitment of developers who are working with the highest levels of integrity and transparency with investors,” bin Mejren added.
“At DLD, we seek to consolidate these values in our real estate market, and observe that these projects are characterised by their diversity that help meet the demand for different types of units and avoid excess supply in any category.”
During the reporting period, 1,000 investors received their properties through 900 transactions, with a total value of over Dh12 billion ($3.26 billion). These substantial figures demonstrate Dubai's superiority, its distinctive position as a preferred international investment destination, and its ability to enter into a profitable competition with others through its unique features.
Bin Mejren said that Dubai can maintain this positive momentum which showcases its features, especially with the availability of promising investment opportunities, leading up to EXPO Dubai 2020 and the years that follow. Expo 2020 is a unique opportunity to reveal the strengths of the local economy and the benefits the real estate sector provides investors with.
Bin Mejren added: “Investors agree on a number of different interests and trends related to the Dubai real estate sector. The attractiveness of the market is based on a number of unique factors, especially the high guaranteed returns, the continuous rise in property values year after year, and the Emirate's ideal environment for living, working, and visiting, making it a high-level investment option.”
He expressed his appreciation to the developers and their commitment to their relationship with Dubai investors, stressing that Dubai's attractive investment environment has been achieved by developers' commitment to systems in place, which has pleased and ensured investors’ trust.
Bin Mejren concluded: "The attractiveness of our real estate sector is not driven by quality projects that offer options to the investor, but from the work values produced by different parties, and the commitment of developers to deliver their projects on time, with integrated infrastructure and intelligent development of all procedures which results in customer satisfaction and happiness. Finally, the existence of legal and established procedures ensures the rights of all real estate parties.” – TradeArabia News Service
Dubai completes 47 projects to add 14,000 properties
Sultan Butti bin Mejren
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