Dubai: The Director General of the Dubai Land Department, Sultan Butti bin Mejren, said Dubai’s real estate sector has demonstrated its strength and resilience over the last few years and is set to enter a new phase of development with the approach of Expo 2020 Dubai.
The emirate’s real estate sector saw its turnover rising to Dh228 billion in 2019 from Dh221 billion in the previous year.
Giving an overview of the sector’s performance in 2019 at a ‘Meet the CEO’ event organised by the Government of Dubai Media Office (GDMO) on Tuesday, Bin Mejren said Foreign Direct Investments (FDI) in Dubai’s real estate market grew to Dh106 billion in 2019 from Dh90.5 billion in 2018, signifying the emirate’s continued attractiveness as an investment destination.
‘Meet the CEO’ is a regular series of press events organised by GDMO for leaders of prominent Dubai organisations. Both local and international media attended the event.
“In recent decades, the real estate sector has added significant value to the emirate’s economic development and its global profile. Bolstered by a recovery in the market, the sector also contributed significantly to Dubai’s GDP growth this year,” he said.
The UAE topped the list of five leading nationalities that invested in Dubai last year, followed by India, Saudi Arabia, Pakistan, and the United Kingdom. Real estate investments by women rose to Dh27.5 billion in 2019 from Dh21.8 billion in 2018, he said.
The number of tenancy contracts registered last year reached 530,000, representing a total value of Dh54 billion.
The Department issued 466 new real estate licenses, 1,032 new real estate brokerage cards and 11 real estate practice cards.
As for projects sold on the map, 82 projects were completed and 72 new guarantee accounts were opened in 2019. The Department also issued 4,815 real estate permits, increasing the number of real estate offices to 13,173 as of the end of 2019.
