DUBAI 25 September 2019: The Dubai Land Department (DLD), yesterday announced a 134 percent increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate.
It was formed on 2nd September, and aims to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand.
In his keynote speech at Cityscape Global Conference, Sultan Butti bin Mejren, Director-General of the DLD, heralded the creation of the committee and praised its instant impact.
Majida Ali Rashid, the CEO of the Promotion & Real Estate Investment Management Sector at DLD, said, ” We have achieved a total value of more than Dh1.4 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 Dh56 billion across 31,000 investments by 23,000 investors.”
Chris Speller, Group Director of the Cityscape real estate portfolio organised by Informa Markets, added, “Our objective for this year’s Cityscape Global, held under the theme ‘Adapting to Change; Charting the course in the era of transformation’, is to address the rapid changes brought about by global macro-economic factors, technological advancements and financial reforms.”