Dubai’s New Real Estate Committee impacts swiftly with 134% rise in transactions

Dubai

The new Real Estate Committee & its aim :

The Higher Real Estate Committee is formed by the Vice President of the UAE, Sheikh Mohammad bin Rashid Al Maktoum. It is chaired by the Deputy Ruler of Dubai, Sheikh Maktoum Mohammed bin Rashid Al Maktoum.

As announced by the DLD (Dubai Land Department), a hike of 134% is seen in real estate transactions. This is into existence after the new Higher Real Estate Comittee is formed on September 2.

The committee also consists of senior representatives of prime property developers. The main moto of the committee is to avoid duplication of projects in real estate sector, and gain an efficacious balance between the demand and supply.

Impact of the new committee :

Sultan Butti bin Mejren, director general of the DLD praised the committee’s creation and mentioned its assertive effect, at the Cityscape Global Conference.

As reported via a local newspaper, he had mentioned that we have seen a 134% of rise in transactions, after the Higher Real Estate Planning Committee is created.

“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 sector.” he added.

Facts & figures on the impact :

It indicated that we are moving towards the required sustainable balance in the real estate market sector. A total value of more than AED 1 trillion is already achieved through the aggregated investements. There were 715,000 such investments and about 3,74,000 investors.

As mentioned by Majida Ali Rashid, CEO of the Promotion & Real Estate Investment Management Sector at Dubai Land Department -“In 2019 to date, we’ve seen a value of investments of more than AED56 billion across 31,000 investments by 23,000 investors.”

The committee’s aim lies in maintaining the balance between property sectors of emirate.