DLD (Dubai Land Department) releases a new annual report, to show real estate market transparency.
Real Estate Transactions accelerate :-
DLD reported on tuesday, that there were 84 new projects launched before 2018, and 48 newreal estate projects have been launched before June 2019. These projects also comprise 20,000 residentials units.
A growth rate of 12% has been noticed in first 5 months o 2019. Furthermore , it is also noted that Real Estate Transaction in Dubai have reached AED 106 Billion ($28.8 billion). In 2018, this number was AED95 billion, as revealed by the report.
Improvements in Dubai Real Estate :-
DLD is on a mission to improve the Real Estate Market and this report is a significant part of that mission.
The total area of real estate sector is expected to exceed by 7,30,000 square meters. There will be an addition of about 8,000 new residential units, upon the completion of ongoing projects.
Updates from Dubai Land Department :-
In an interview with the director general of DLD, Sultan Butti bin Mejren has said “Though the real estate sector reflects the development achieved by the emirate across all fields, it does not come without its challenges.
On the one hand, we have to continue this momentum, which has been achieved through promotional initiatives at the local and global levels through our exhibitions in prominent Arab and international capitals. On the other hand, we should ensure transparent communication and openness to all investors and other parties in this sector.”
DLD’s new annual report and its revelations :-
The GDP value stands at AED 398 billion in 2018. It was AED 390 billion in 2017.
The Business Bay grabs first position in transaction value, which is AED 11 billion. It ranks first where if over 4,000 transactions considered.
Talking about Investors, Indian investors fall second into the category of investments. Their investments in Dubai Real Estate is worth about AED 8 billion in 2018. UAE Investors are first when we consider the value of investments. They invested about AED 10 billions in the Real Estate.
As per the report, there were almost 53,000 transactions with a worth of AED 223 billion, in 2018. Corporate investors percent show a hike of about 3% in 2018, as compared to 2017. While, there is a decrease in individual investors percentage, which is 3%.
Dubai Real Estate contributes 13.6% to the GDP in 2018, which was 6.4% in 2017. While construction sector reaches 6.4% which was 6.2% in past two years, as per the report.
As reported by a business magzine, “This increase reflects the ability of the real estate sector to provide investment options that attract corporate investors and effectively contribute in providing huge real estate investments in the real estate sector”.