Dubai, United Arab Emirates: Dubai Land Department has confirmed that 2017 was year filled with activity and achievements in the real estate market, facilitated by the department's flexible procedures and keenness to strengthen cooperation and coordination with all developers in the market to establish a safe and transparent market environment.

Regarding market activity in 2017, His Excellency Sultan Butti bin Mejren, Director General of DLD, confirmed that a total of 90 projects were completed, while 150 projects worth AED 82 billion were registered.

He highlighted that there has been an optimistic mood in market since the beginning of 2018, and added that there is a strong demand from developers to deposit the 20% escrow of the total value of the future projects they intend to launch, as it enhances investor confidence in real estate development projects.

Bin Mejren commented “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.”

Bin Mejren also confirmed that project audit procedures help to achieve these goals, in addition to the escrow provided by the developer, which amounts to 20% of the total project value to be developed. Developers are required to verify ownership of the project and pay its value in full, in addition to receiving all approvals from the competent authorities.

Bin Mejren concluded: "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. This has attracted investors from all over the world, establishing Dubai as the preferred place to live, work and visit.”

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About Dubai Land Department:

Dubai Land Department (DLD) was found in May 1960 to establish the most prominent real estate sector in the Middle East and in the world.

DLD provides outstanding services to all its customers whilst developing the necessary legislation to propel the real estate sector in Dubai, organizing and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active organizations that include: Real Estate Regulatory Agency, the regulatory arm, Real Estate Investment Management & Promotion Center, the investment arm, Dubai Real Estate Institute, the educational arm, and Rental Dispute Center, the judicial arm.

 

Unified Toll Free Number:

In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number [8004488]. This can be used for all Dubai Land Department and Rental Disputes Center enquiries.

© Press Release 2018