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DUBAI / WAM
The Dubai Land Department (DLD), on Tuesday, announced a 134 percent increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate on September 2, which aims to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand.
The committee was established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is chaired by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and comprises senior representatives of major property developers as its members.
In his keynote speech at the Cityscape Global Conference on Tuesday at the InterContinental in Dubai Festival City, Sultan Butti bin Mejren, Director-General of the DLD, heralded the creation of the committee and praised its instant impact. “Dubai has the leadership and vision, led by His Highness Sheikh Mohammad bin Rashid Al Maktoum, to drive the real estate sector and ensure its long-term sustainability. This highlights the renewed confidence in Dubai’s property sector and empowers Cityscape Global to move forward as a real estate platform that connects leading innovators and real estate minds in the market.”
Majida Ali Rashid, the CEO of the Promotion & Real Estate Investment Management Sector at DLD, said, “The real estate market indicators show the maturity of an increasingly balanced sector. We have achieved a total value of more than AED1.4 trillion through 715,000 accumulative investments and 374,000 accumulative investors. From 2019 to date, we have seen a value of investments of more than AED56 billion across 31,000 investments by 23,000 investors.”
Chris Speller, Group Director of the Cityscape real estate portfolio organised by Informa Markets, added, “Our objective for this year’s Cityscape Global, held under the theme ‘Adapting to Change; Charting the course in the era of transformation’, is to address the rapid changes brought about by global macro-economic factors, technological advancements and financial reforms.”
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services for the DLD, delivered the welcome address for the afternoon sessions, before taking part in a panel discussion titled “Agents of change: Best practice principles for the governance of regulators”.
Khalifa Alzeraim Al Suwaidi, CEO of Emirates Real Estate Solutions, the technology arm of the DLD, took part in a panel discussion titled, “The world re-imagined: Accelerating the smart city revolution”.