Rebound spurs Dubai realty contracts to Dh42b in 45 days
dubai — The value of real estate transactions in Dubai reached Dh42 billion in the first 45 days of 2017, representing nearly half of all the real estate investments in 2016 valued at Dh91 billion, reflecting the strong rebound of the sector.
Majid Saqer Al Marri, senior director of Real Estate Investment Management and Promotion Centre in Dubai Land Department (DLD), said the recovery and growth in real estate is very obvious in the first 45 days of this year.
“The realty industry in Dubai has taken a positive curve since the beginning of the year,” he said at a Press conference on Wednesday to announce the 13th International Property Show 2017 at Dubai International Convention and Exhibition Centre from April 2-4.
According to DLD’s 2016 annual report, Dubai recorded a total of 60,595 real estate transactions in 2016, exceeding Dh259 billion in value. In 2016, land sales and mortgage transactions represented a total value of Dh193 billion across 15,994 transactions. Last year saw 134 new project launches worth Dh100 billion even as the value of real estate investment transactions exceeded Dh91 billion from 55,928 investors.
The show, the only event of its kind that allows retail sales and purchases for both local and international properties, will have over 100 exhibitors from 40 countries.
Dawood Al Shezawi, chief executive, Strategic Marketing & Exhibitions, which is organising the show, said exhibitors include international developers, brokers, consultants, and investors from all over the world.
Also present at the media briefing were Masood Al Awar, chief commercial officer, Dubai Properties, and Sandeep Jaiswal, chief operating officer, Azizi Developments.
Al Shezawi said the show is the only of its kind that allows direct real estate deals, thanks to the authorisation given by Real Estate Regulatory Agency (Rera) since its launch. All the exhibiting companies have the right to receive down payments or full payments for the properties they sell. He said that the property show would be quite different by focussing on innovative and creative ways to promote the real estate, and by allowing the investors to use the opportunities provided by the show to add real value to both visitors and investors.
Al Shezawi said one of the most important differentiators of the latest edition of the show is the debut of the real estate brokers village in
The realty industry in Dubai has taken a positive curve since the beginning of the year Majid Saqer Al Marri, Senior director, Dubai Land Department
collaboration with DLD. “The brokers will offer the best and latest properties in Dubai, and visitors will have special discounts and offers during the three-day show.”
He expects the number of visitors will cross 16,000, with growth in the number of the deals as well, including some major ones.
Al Marri said DLD’s support for the show gives greater credibility to the special offers and helps reassure clients. “This show provides the perfect environment for developers to operate and grow. Our support also,” he said.
Al Awar said Dubai Properties’ objective is to continue to play a key role in shaping the future of the real estate industry.
“We are positive that our strategic partnership with one of the most influential and dynamic shows in the region, the International Property Show will support us in further promoting our projects that are strategically developed in answer to verified social and economic needs, as well as meet with current and potential customers and investors.”
Jaiswal said he is upbeat on the real estate projects that will be showcased by the companies in the show. He hoped that these projects fill the unmet needs in the market. Jaiswal said that his company’s participation is a great opportunity to show its projects, apart from the opportunity to meet other developers and share ideas.
The property show is being held in sync with 7th Annual Investment Meeting (AIM) 2017 and inaugural Future Cities Show.
— issacjohn@khaleejtimes.com