DLD: Dubai real estate investments valued at $15.2bn so far in 2019
Higher Committee of Real Estate's foundation in September 2019 leads to 134% spike in Dubai real estate transactions
Dubai Government body Dubai Land Department (DLD) announced that real estate transactions in Dubai – valued at $15.2bn (AED56bn) to date in 2019 according to a DLD official – have grown by 134% since the creation of the emirate’s new Higher Committee of Real Estate by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to achieve real estate supply and demand balance – and chaired by Deputy Ruler of Dubai Sheikh Maktoum Mohammed bin Rashid Al Maktoum – on 2 September.
Speaking at the Cityscape Global 2019 exhibition’s co-hosted conference at Dubai World Trade Centre on 24 September 2019, DLD’s director general, HE Sultan Butti bin Mejren, said: “Dubai has the leadership and vision to drive the real estate sector and ensure its long-term sustainability.
“Since the creation of Dubai’s Higher Real Estate Planning Committee, we’ve seen a 134% increase in property transactions.”
Chief executive officer of DLD’s promotion and real estate investment management sector, Majida Al Rashid, added: “Real estate market indicators show the maturity of an increasingly balanced sector.
“We’ve achieved a total of more than $381.1bn (AED1.4tn) through 715,000 accumulative investments and 374,000 accumulative investors.
"In 2019, to date, we’ve seen investments valued at more than $15.2bn across 31,000 investments by 23,000 investors,” she added, according to a statement by Cityscape Global 2019's organisers.
Following the morning sessions, the conference split into two afternoon streams, the first of which covered architecture and design, hosted in partnership with Royal Institute of British Architects (Riba), and featuring presentations from DLD officials and representatives from architectural firms such as Weston Williamson Architects and Vittoria Grassi Architetto and Partners.
The conference’s second afternoon stream focused on property technology (proptech) and innovation, with experts from Colliers International, Kaizen Asset Management, Better Homes, and Abu Dhabi Commercial Bank discussing the impact of new technologies on the real estate market during the discussion.