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Dubai property has 14,000 new homes as of August 2018

The emirate saw the completion of 47 real estate projects during the first eight months of this year, Dubai Land Department revealed

Up to 14,000 new homes were added to Dubai's property market in the first eight months of 2018 [representational image].
Up to 14,000 new homes were added to Dubai's property market in the first eight months of 2018 [representational image].

Dubai Land Department (DLD) revealed that 47 real estate projects were completed in the first eight months of 2018, creating thousands of new homes in the emirate.

The projects added approximately 14,000 properties to the market, with 10,000 apartments, 364 residential complexes, 2,258 townhouses, and 1,575 villas finished so far this year.

More than 1,000 real estate investors were handed their property assets during the eight-month period, and the 900 transactions they carried out generated $3.2bn (AED12bn), DLD added.

Construction Week has reached out to DLD to provide comparative data completed real estate projects for the eight-month reporting period in 2017.

READ: Sheikh Hamdan approves DLD restructure

In a statement, DLD said that the number of international investors who had acquired property in Dubai so far this year demonstrated the "attractiveness of the market".

HE Sultan Butti bin Mejren, director general of DLD, added the market was not driven exclusively by "quality projects", but by "the commitment of developers to deliver their projects on time, with integrated infrastructure".

He also praised developers for working to "highest levels of integrity and transparency with investors".

DLD's announcement follows DLD's seizure of the assets of developer Schon Properties to protect investors, after the firm faced allegations of exploiting investors this August.

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Construction Week - Issue 745
Jun 30, 2019