Property transactions in Dubai in the first quarter of 2017 showed solid growth, with an increase in overall transactional activity of 25 per cent.
The figures were confirmed by Sultan Butti Bin Mejren, the director general of the Dubai Land Department (DLD), as he spoke at the first Ramadan Real Estate Majlis hosted by International Property Show.
Emphasising Dubai’s position as a safe haven for investors, Bin Mejren said: ‘We continue our efforts to spur development by providing a sustainable real estate environment that will attract investor confidence in the market.’
Ahmad Thani Al Matrooshi, Emaar Properties’ managing director, emphasised the importance of working together in order to upgrade the real estate sector.
He said: ‘We have a strong appeal to international investors. As developers, we can do the marketing but we need the continuous support of DLD and banks in completing transactions getting the money abroad.’
Overseas property investors are a very important part of the real estate market in Dubai, and everyone was keen to encourage property transactions from international investors.
On controlling supply and demand in an effort to improve the market, Masood Al Awar, the chief commercial officer at Dubai Properties, said: ‘About 80 per cent of the demand will come from the international market. However, as of today, not even 50 per cent come from it which means that we still have a huge market to conquer and investors to attract moving towards 2020.”
He added: ‘So I think all developers will have enough demand for the supply they will put into the market.
Essam Hasan Saleh, Jumeirah Golf Estates’ executive director for business development and property management agreed, saying: ‘Indeed, it is important to have coordination between different stakeholders to control oversupply. We all have to work together hand in hand, in order to make sure that this market stays in good condition.’
However, Marwan Bin Ghalaita, the CEO of the Real Estate Regulatory Authority (RERA) commented: ‘With the rapid growth of Dubai as a global commercial hub and tourism destination, increasing population, more job opportunities, continuous interest of foreign investors, oversupply is not a problem because demand is there and is continuously growing.’
With the strong growth shown in first quarter property transactions, plus Dubai developers working together, it seems that Dubai real estate could have a bright future.