Dubai Land Department (DLD) has revealed that 47 new real estate projects have been completed in the emirate in the first eight months of 2018.
The completed projects added 14,000 properties to the Dubai market including 10,000 apartments, 364 residential complexes, 2,258 townhouses, and 1,575 villas, according to Sultan Butti bin Mejren, director-general of DLD.
He said in comment published by state news agency WAM that the results of the Dubai real estate market during the first eight months of 2018 are encouraging, adding that it continues to "attract additional investors who have invested heavily".
He said: "The success of delivery of the 47 completed projects reflect the interest and commitment of developers who are working with the highest levels of integrity and transparency with investors. At the DLD, we seek to consolidate these values in our real estate market and observe that these projects are characterised by their diversity that help meets the demand for different types of units and avoid excess supply in any category."
During the reporting period, 1,000 investors received their properties through 900 transactions, with a total value of over AED12 billion, DLD noted.
Bin Mejren said he believes that Dubai can maintain this positive momentum in the run-up to Expo 2020 Dubai.
"Investors agree on a number of different interests and trends related to the Dubai real estate sector. The attractiveness of the market is based on a number of unique factors, especially the high guaranteed returns, the continuous rise in property values year after year, and the emirate's ideal environment for living, working, and visiting, making it a high-level investment option," he added.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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