Dubai registers 68 property projects worth Dh21 billion in H1

dubai - The first half of this year also saw the launch of 68 new projects.

The Dubai Land Department (DLD) has announced on Saturday that 68 real estate projects were registered during the first half of 2017, representing a value of Dh21 billion.

The first half of this year also saw the launch of 68 new projects. This compares to 88 real estate projects launched from the beginning of 2016 until H1 2017.

Sultan Butti bin Mejren, director-general of DLD, said: "Dubai is currently witnessing increasing interest from international investors, which has reinforced confidence in our real estate sector and its future prospects."

Property consultant Cavendish Maxwell estimates 30,402 homes to be completed in Dubai by the end of 2017. The break-up is 24,259 apartments, 3,778 villas and 2,365 townhouses, according to information obtained from developers, consultancies and sub-contractors.
Bin Mejren added that 713 developers are registered in the DLD's database, alongside a total of 483 projects.

He explained that since the establishment of the Real Estate Regulatory Agency 10 years ago, 535 projects have been completed, supporting a variety of economic activities in Dubai. The first half of this year also witnessed the completion of 24 projects that had been initiated in previous years.

- waheedabbas@khaleejtimes.com