AED 77 billion of Dubai real estate transactions during the first quarter of 2017
Bin Mejren: A new law issued for rents in Dubai
Dubai, UAE, April 4, 2017: The Dubai Land Department revealed the results of real estate transactions during the first quarter of 2017. His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department announced the value of real estate transactions that reached AED 77 billion through 20 thousand real estate transactions.
Dubai Land Department (DLD) hosted a media gathering as part of the ‘Ask the Leader’ initiative organised by the Dubai International Government Achievements Exhibition 2017. On the second day of the exhibition, DLD received a wide range of visitors interested in the real estate sector, as well as a group of media representatives.
Bin Mejren confirmed to reporters that according to the Land Department's data analysis there is an increase in the value of transactions by 45% compared to the first quarter of last year 2016. This indicates that the real estate market in Dubai is preparing for a new phase of momentum and the rise and strong results achieved during the first quarter of this year was not surprising but expected, especially with the sustainable growth that the real estate market is currently witnessing. He added that the total value of real estate investments reached more than AED 40 billion through 15501 investment transactions.
His Excellency Sultan Butti bin Mejren, hosted the meeting with the media and public alongside His Excellency Engineer Marwan bin Ghalita, CEO of the Real Estate Regulatory Authority (RERA) and answered all questions and inquiries. Bin Mejren also launched the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide in cooperation with Al Tamimi & Company.
Visitors at the Dubai International Government Achievements Exhibition 2017 were invited to a press conference announcing the launch of the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide, which is being issued in cooperation between DLD and Al Tamimi & Co. The event was attended by the Director General of DLD and Husam Hourani, Managing Partner of Al Tamimi & Co., who participated to provide more details about the guide and its aim to highlight the investor rights guaranteed by the Emirate’s laws and regulations.
Commenting on the new guide, His Bin Mejren said: 'Through its various departments, DLD is keen to cooperate with all concerned parties in the public and private sectors to spread awareness and a safe real estate culture among citizens, residents and visitors by informing them of their rights and duties. This book will certainly help to inform investors about their rights, and is also a tool for promoting a safe and stable investment environment for investors seeking opportunities in Dubai – a haven for world-class investments.”
Husam Hourani, Managing Partner at Al Tamimi & Company, said: “We are delighted to be partnering with DLD in this exciting initiative. The guide provides those interested in investing in Dubai’s real estate sector with comprehensive information to ensure they have all of the information they need to make well-informed decisions and protect their investments.”
DLD is participating under the theme ‘Dubai Land…Innovative Achievements…Global Leadership’ and will be part of the following three events this year: Dubai International Government Achievements Exhibition (DIGAE), International Property Show (IPS), and Future Cities Show.