The news that Dubai Land Department concluded Dh42 billion worth of property transactions in the first 45 days of the year – or nearly half of the total foreign investment in the emirate’s real estate in 2016, is a strong indication that the emirate’s real estate market has bottomed out last year.
If the same momentum continues, Dubai could create a new record in real estate deals hitting Dh340 billion this year. This would be way above the last year’s Dh259 billion property deals recorded in 2016. The news comes within a month after Dubai Land Department said that it has recorded Dh12 billion worth of land and property transactions within just two weeks – a record.
These figures are a living testimony of the fact that the worst for Dubai’s real estate market is over and the possibility of a strong growth path ahead. With sound regulatory environment that ensures that all stakeholders in the real estate industry play their due role in development, delivery, buying and selling activities – nothing could go wrong – despite challenging external factors.
As the saying goes – when the going gets tough, the tough gets going – the UAE resilience of the UAE economy will continue to help it going and bring in more foreign investment into the country.