In the run-up to the Expo 2020, the number of new real estate projects in Dubai is surging up. The number of applications for new developments construction submitted and approved by Dubai Land Department during 6 months of 2017, exceeds last years’ figures significantly.
At the same time, the percentage of completed real estate projects is also getting bigger. It is expected that almost all projects started before 2020 will be completed on schedule. According to the DLD’s latest report, in H1 2017, Dubai developers have been authorized to start 68 new real estate projects worth a total of AED21 billion (USD5.72 billion). For comparison: according to the WAM news agency, quoting official source in the DLD, during the entire period from the beginning of 2016 and up to the first half of 2017, 88 new projects were registered in Dubai.
Dubai Land Department Director General Sultan Butti bin Mejren said that the authority’s entire database includes 483 real estate projects and 713 developers registered in. Since the establishment of the Real Estate Regulation Agency (RERA) in Dubai 10 years ago, 535 real estate projects of various sizes have been completed. Of these, 24 real estate projects launched in the previous years were completed during the first half of 2017, Bin Mejren added.
“Dubai is currently witnessing increasing interest from international investors, which has reinforced confidence in our real estate sector and its future prospects,” Head of DLD has also emphasized.
Last week, DLD released statistics data for the last 18 months, from January 1, 2016 to July 31, 2017, according to which, 95,000 real estate transactions were concluded in Dubai over the mentioned period having a total value of AED390 billion.