Dubai real estate deals rise to $20.9bn in Q1

Dubai real estate deals rise to $20.9bn in Q1

Dubai recorded a sharp rise in the value of real estate transactions during the first quarter of 2017 compared to the same period last year.

The real estate authority said it saw a total of AED77 billion ($20.9 billion) worth of deals in the first three months of the year, up from AED54.7 billion in January to March 2016.

It added in a statement that there were a total of 20,000 real estate transactions in the same period.

The figures were announced as Dubai Land Department launched its new "Know Your Rights as a Real Estate Investor in Dubai" guide aimed at spreading a safe real estate culture.

Sultan Butti bin Mejren, director general of Dubai Land Department, said the value of transactions rose by 45 percent, indicating that Dubai is poised for a new phase of momentum.

Commenting on the new guide, Bin Mejren said: "DLD is keen to cooperate with all concerned parties in the public and private sectors to spread awareness and a safe real estate culture among citizens, residents and visitors by informing them of their rights and duties.

"This book will certainly help to inform investors about their rights, and is also a tool for promoting a safe and stable investment environment for investors seeking opportunities in Dubai – a haven for world-class investments.”

Content courtesy: arabianbusiness.com

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