Dubai property transactions increase 134% following establishment of real estate committee

Committee set up on 2 September 2019 to achieve supply and demand balance
Panel chaired by Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

The Dubai Land Department (DLD) announced a 134% increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate earlier this month on 2 September.

The committee was established by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai with the aim to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand.

The committee is chaired by Sheikh Mohammed’s son and Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and includes representatives of top property developers in Dubai.

In his keynote speech at real estate investment and development event Cityscape Global Conference, being held in Dubai during September 25-27, Sultan Butti bin Mejren, director general of the DLD said, “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. Cityscape is a platform that reflects and supports investors’ ambitions; it aligns perfectly with the emirate’s objective for the real estate sectors.”

Majida Ali Rashid, the CEO of the Promotion and 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 AED 1.4 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 AED 56 billion across 31,000 investments by 23,000 investors.”

Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.

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