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Dubai real-estate breaks own transaction record

Dubai’s real estate market recorded a high-transaction volume during the last ten days of 2018 with a value of over AED19 billion through 2,081 transactions.

Sultan Butti bin Mejren, Director-General of the Dubai Land Department, DLD, affirmed that these figures are critical in the analytical readings and are also a positive indicator of a rising wave in the real estate sector which is expected to begin in 2019.

"This activity affirms the attractiveness of Dubai’s real estate sector, specifically the demand from buyers and investors who are benefitting from legislation and investment incentives in Dubai. These recorded transactions within a short time reflect the renewed confidence in our real estate market, especially in light of Expo 2020 preparations. The investors’ decisions stem from their monitoring of successive developments regarding government legislation that guarantees their rights, in addition to the incentive environment established by the government to invest in this sector and ensure long-term rewarding returns on investment," he noted.

The 2,081 sales, mortgage, and other transactions worth more than AED19 billion were concluded from 17th to 30th December, 2018. These transactions were being recorded daily and were more than AED1 billion, peaking on 24th December with transactions worth nearly AED3.6 billion.

Bin Mejren emphasised the DLD’s role in supporting the government’s directives through its transparent and flexible procedures. The department recognised the importance of the real estate sector and its crucial role in diversifying income sources in GDP, as it represented a key polarising factor for investment, leading to comprehensive and sustainable development in our national economy, he said.

"This motivates us to achieve superior institutional performance by adopting the latest modern technologies. After launching a comprehensive package of smart applications, the level of interest of foreign investors has increased, allowing them to recognise the features of Dubai’s unique real estate sector, and the variety of products offered in the market that suit different buyers whether seeking a second home outside their homeland, or top investors who are roaming the world for the best investment options," he said in conclusion.

Source: WAM


Written by The Levant