DUBAI 4 April 2017: A new law governing rents in the emirate of Dubai has been issued, according to Sultan Butti bin Mejren, Director General of Dubai Land Department.
A statement to the effect from the Dubai Media Office did not provide further details.
Meanwhile Bin Mejren said the value of real estate transactions reached Dh77 billion through 20,000 real estate transactions in the first quarter of 2017.
He confirmed to reporters that according to the Land Department’s data analysis there is an increase in the value of transactions by 45 per cent 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,” said Bin Mejren.
He added that the total value of real estate investments reached more than Dh40 billion through 15,501 investment transactions.
Know Your Rights
Bin Mejren launched the ‘Know Your Rights as a Real Estate Investor in Dubai’ guide in cooperation with Al Tamimi & Company, on the sidelines of the Dubai International Government Achievements Exhibition 2017.
“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,” said Bin Mejren.
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.