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|22 February, 2018

Projects worth $22.34bln registered in Dubai in 2017

90 projects were completed in Dubai in 2017

UAE - The Dubai Land Department said that 90 projects were completed and 150 projects worth Dh82 billion were registered in Dubai in 2017.

There is 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).

Bin Mejren said: "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 also confirmed that project audit procedures help to achieve these goals, in addition to the escrow provided by the developer, which amounts to 20 per cent 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.

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