Dubai Land Department (DLD) on Tuesday announced a 134 percent increase in real estate transactions following the creation of the new Higher Committee of Real Estate on September 2.

Established by Sheikh Mohammad bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, the committee is chaired by Sheikh Maktoum Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.

With senior representatives of major property developers among its members, the committee aims to avoid duplication of projects in the sector and achieve a more sustainable balance between supply and demand.

In his keynote speech at the Cityscape Global Conference, Sultan Butti bin Mejren, director general of the DLD, heralded the creation of the committee and praised its instant impact.

“Since the creation of Dubai’s Higher Real Estate Planning Committee, we have seen a 134 percent increase in property transactions.

“This highlights the renewed confidence in Dubai’s property sector and empowers Cityscape Global to move forward as a real estate platform that connects leading innovators and real estate minds in the market. Cityscape is a platform that reflects and supports investors’ ambitions; it aligns perfectly with the emirate’s objective for the real estate sector.”

Majida Ali Rashid, CEO of the Promotion & Real Estate Investment Management Sector at DLD, said achieving sustainable balance in the emirate’s property sector remains the committee’s highest priority.

“The real estate market indicators show the maturity of an increasingly balanced sector. We have achieved a total value of more than AED1.4 trillion through 715,000 accumulative investments and 374,000 accumulative investors,” said Rashid. “In 2019 to date, we’ve seen a value of investments of more than AED56 billion across 31,000 investments by 23,000 investors.”

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