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DUBAI / WAM
Total amount of real estate transactions recorded in the Emirate last year exceeded AED259 billion, revealed Dubai Land Department’s (DLD) annual report.
Commenting on DLD’s annual report, Sultan Butti bin Merjen, Director-General of DLD, said the findings in the report confirm that the real estate market in Dubai has reached a new phase of maturity and stability, and that it is moving towards sustainable growth. Bin Mejren predicts that the real estate market in Dubai will gain further momentum in 2017, signaling an upward trend for sustained growth in the run-up to Expo 2020. The news was shared in his comment on the annual report, which was issued by Real Estate Research and Studies Department at DLD.
The DLD annual report which includes a detailed insight into Dubai’s real estate scene, the infrastructure of mega-projects, and preparations for Expo 2020 also reveals that the real estate market is expected to benefit from a new wave of activity and growth this year. Developers have risen to meet the challenge of this new growth phase, with the launch of new projects valued at over AED100 bn, as well as the completion of mega-projects and the development of new services to meet growing demands from a variety of real estate sectors.
DLD’s annual report also reveals that the Emirate recorded a total of 60,595 real estate transactions in 2016, exceeding AED259 bn in value. Over 41,776 sales transactions took place, representing a total value of AED103 bn, while the 15,000 mortgage transactions were equivalent to a value of AED128 bn.