As Expo 2020 nears the halfway mark in the global financial, trade, and tourism hub of Dubai, the city’s real estate market is in better shape than it has been in almost a decade.
In September this year, the Dubai Land Department recorded the highest value of sales transactions for a single month since December 2013, and in the first nine months of 2021, the value of real estate transactions was more than 45% higher than in the whole of 2020.
The largest city in the United Arab Emirates (UAE) is even exceeding the levels it achieved before the pandemic struck. In the three months from July to September 2021, more than double the value of property was sold than in the third quarter of 2019, while transaction numbers were up by 64%.
“We have witnessed an exceptional growth in real estate sales transactions in terms of both volume and value,” says Sultan Butti Bin Mejren, Director General of the Dubai Land Department (DLD), which is responsible for regulating and developing the real estate sector and promoting it to investors around the world.
“The prosperity of Dubai and the happiness, quality of life, and well-being of its citizens all depend on a flourishing real estate market.”
Sultan Butti Bin Mejren, Director General, Dubai Land Department
DLD is playing a crucial role in positioning Dubai as a preferred global destination for real estate investment. As well as ensuring full clarity, transparency, and legal security for developers and investors, the DLD is also in the vanguard of the digitalization of real estate services. The Dubai REST app that it launched in 2018 has been downloaded more than 350,000 times, enabling developers, owners, renters, and surveyors to manage leases, monitor properties, track prices, and even launch disputes, all from their smartphones.
The DLD was the first government body anywhere in the world to deploy blockchain technology to record real estate transactions and all other procedures. This year, it has launched innovations such as a building classification service powered by artificial intelligence.
“We will continue to digitalize our services in order to facilitate customer journeys and speed up transactions,” Bin Mejren says. “With these new ideas and innovations, we will strengthen the real estate market and help reinforce the UAE’s role at the center of the global economy.”
Why is Dubai real estate attractive to foreign investors?
Our real estate market is rich in investment opportunities. Compared with other global cities, property prices are moderate and service quality is excellent. Our safe, eco-friendly lifestyle is another major appeal. Visitors to Expo 2020 can see for themselves how well we compare with other major hubs. We expect that Dubai will continue to win market share from other global cities.
How are new technologies increasing the competitiveness of real estate in Dubai?
At DLD, we are automating many real estate services using technologies such as AI and blockchain. It means we can handle customer requests around the clock, improve transparency, and increase the speed and the quality of our services. Our investment in technology is strengthening Dubai’s position as the world’s premier real estate destination and a byword for innovation, trust, and happiness.
How important is the real estate sector to the future of Dubai?
Real estate is one of the main pillars of the Dubai economy. It is the foundation of our daily life. Only with a growing real estate market will Dubai continue to be a successful economy and an appealing place for people to build their lives.
By providing an innovative and sustainable real estate environment, DLD can help turn Dubai into the happiest city in the world
As published in Fortune magazine
