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90 real estate projects completed in Dubai in 2017, and a number of new ones registered reaching a total of AED82 billion.
The main Dubai's authority in the emirate’s property market, The Dubai Land Department revealed its official data for 2017, saying 90 projects were completed and 150 more projects launched worth AED 82 billion in total.
"There is a strong demand from developers to deposit the 20 per cent escrow of the value of the project they intend to launch as it enhances investor confidence", said Sultan Butti bin Mejren, Director General of the Dubai Land Department (DLD).
"There is a strong coordination among all relevant government institutions, including the DLD, 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," Bin Mejren added.
Bin Mejren also confirmed that project audit procedures provided by DLD help increase the transparency of these processes, in addition to depositing 20 per cent of the total project value at the escrow accounts by developers. Developers are also required to verify ownership of the project and pay its value in full, in addition to receiving all approvals from the competent authorities, before they are allowed to deliver the project.
During the first 30 days of 2018, 800 new property units were put up for sale in Dubai. At the same time, 1645 sales transactions, both for ready-made and off-plan properties, were registered in January, 2018 in Dubai, which is quite a surge from the last year’s figures for January (1281 transactions).
At the same time, a rumor had it that DLD is going to raise the minimum 20 per cent escrow deposit up to 50 per cent of the project’s value, which was disproved by DLD’s officials. For what else is highly possible to happen at the Dubai property market in 2018, see our latest article on the .
And for how to get the best Dubai home and pay less, read our .
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