The value of real estate transactions in Dubai reached AED 77bn ($21bn) in the first quarter of the year, a 45 percent higher than the same period of 2016.
The news was announced by His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department at a media gathering as part of the Ask the Leader initiative organised by the Dubai International Government Achievements Exhibition 2017.
On day 2 of the exhibition, DLD received a wide range of visitors interested in the real estate sector, as well as a group of media representatives.
Bin Mejren confirmed to reporters that there is an increase in the value of transactions by 45 percent compared to the first quarter of last year 2016, a strong indication that the real estate market in Dubai is preparing for a new phase of momentum.
The total value of real estate investments reached more than AED 40bn.
His Excellency Sultan Butti bin Mejren, hosted the meeting with the media and public alongside His Excellency Engineer Marwan bin Ghalita, CEO of the Real Estate Regulatory Authority (RERA) and answered all questions and inquiries.
Bin Mejren also launched the Know Your Rights as a Real Estate Investor in Dubai guide in cooperation with Al Tamimi & Company.
Commenting on the new guide, His Bin Mejren said: “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.
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 Dubais 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.