Dubai registers 150 new real estate projects worth $22bn in 2017

Dubai Land Department chief also reveals a total of 90 projects were completed last year

Sultan Butti bin Mejren, director general of Dubai Land Department.

A total of 90 real estate projects were completed in Dubai last year, while 150 projects worth AED82 billion ($22.3 billion) were registered, a senior official has revealed.

Dubai Land Department (DLD) confirmed that 2017 was “filled with activity”, facilitated by “a safe and transparent market environment”.

Sultan Butti bin Mejren, director general of DLD, said in a statement that there has been an “optimistic mood in market since the beginning of 2018”.

He added that there is a strong demand from developers to deposit the 20 percent escrow of the total value of the future projects they intend to launch, as it enhances investor confidence in real estate development projects.

“There is a strong coordination among all relevant government institutions including Dubai Land Department, as well as between developers and various parties in the market, to establish confidence among investors and achieve the highest degree of transparency in Dubai’s real estate market,” he said.

“All agreed and applicable procedures in the market provide reassurance to both developers and investors. They also work to limit transgressions among all parties, and prevent the emergence of any negative activities to protect the Dubai’s real estate market, especially as it has gained wide international fame by focusing on protecting the rights of all,” he added. More

By Staff writer