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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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