The creation of Dubai’s new Higher Committee of Real Estate has led to a huge increase in property transactions in the emirate.
The Dubai Land Department (DLD) has announced a 134 per cent increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate on 2nd September, 2019, which aims to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand, which will further benefit overseas property investors in the sector.
The committee was established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, is chaired by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and comprises senior representatives of major property developers as its members.
Director-General of the DLD, Sultan Butti bin Mejren, heralded the creation of the committee in his keynote speech at the Cityscape Global Conference, and praised its instant impact.
He said: ‘Dubai has the leadership and vision, led by His Highness Sheikh Mohammad bin Rashid Al Maktoum, to drive the real estate sector and ensure its long-term sustainability. 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.’
Majida Ali Rashid, the CEO of the Promotion & Real Estate Investment Management Sector at DLD, added: ‘The real estate market indicators show the maturity of an increasingly balanced sector. We have achieved a total value of more than AED1.4 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 AED56 billion across 31,000 investments by 23,000 investors.’
Overseas property investors considering Dubai can look forward to a more sustainable property sector in the future.