The Director General of the Dubai Land Department, Sultan Butti Bin Majren, revealed that the volume of foreign direct investments in Dubai real estate during the year 2019 reached 106 billion dirhams, while the total real estate transactions in the emirate rose to 228 billion dirhams.

Bin Mejren said, during an open dialogue within a "session with an official", organized by the media office of the Dubai government, that the volume of rental contracts that were registered during the year 2019 amounted to 530 thousand contracts, with a total value amounting to 54 billion dirhams, pointing out that Emirati citizens have acquired The largest share of real estate investments in Dubai during 2019.

Ambitious vision

In detail, the Director General of the Department of Lands and Properties in Dubai, Sultan Butti Bin Majren, stressed that the plans to strengthen the capabilities of the real estate sector in Dubai are going according to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and is in line with development aspirations The petition of the emirate, noting the positive impact of the package of legislations and initiatives adopted by His Highness to increase growth and stimulate economic activity in the emirate, including the registration decree and real estate behaviors in the Emirate of Dubai, the law of joint property ownership, and the provision of long-term residence of up to 10 years for investors and people with skills Lise, and reduce the cost of doing business.

Bin Mejren stressed during an open dialogue within a "session with an official", organized by the media office of the Dubai government, the importance of the role played by the Supreme Committee for Real Estate Planning in the Emirate of Dubai, headed by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, which works Under the directives of His Highness to enhance planning for the real estate sector in the emirate, and to develop a clear and considered strategy to achieve added value for real estate projects, to increase the level of competitiveness of the sector and confirm its attractiveness.

The general manager of Dubai Lands reviewed important glimpses of the history of the real estate sector in Dubai, and his contribution to effectively support the economic growth of the emirate, in a way that has become Dubai with the most attractive investment destination in the world, pointing to the performance of the real estate sector in Dubai for the year 2019, which The total real estate transactions amounted to 228 billion dirhams.

Growth forecast

On the prospects for the economic growth of the emirate, Bin Majren said that Dubai is a global model in the real estate field, and the department’s plans follow the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and in line with the broad development aspirations of the emirate, pointing out that the real estate sector today is more robust and has proven efficient Especially with the approaching launch date of the Expo 2020 Dubai.

Bin Mejren pointed out that "Expo 2020 Dubai" will contribute to a significant increase in capital flows to the Emirate of Dubai, thanks to Dubai's investments in infrastructure projects and preparations in preparation for hosting the exhibition, noting that the exhibition is expected to contribute to the added value of Dubai's economy during the period. From 2013 to 2031, with more than 122 billion dirhams, in addition to new job opportunities and direct and indirect investments expected to be added to its economy, which will greatly affect the real estate sector in terms of investments and new products.

Sector indicators

On the indicators of the real estate sector and confirming its attractiveness, Bin Mejren said that the real estate sector in 2019 witnessed a huge and vital development in public performance, pointing out that the volume of foreign direct investment that Dubai real estate pumped in 2018 reached 90.5 billion dirhams, and reached 106 billion dirhams in a year. 2019. Total real estate transactions in the emirate increased to 228 billion dirhams in 2019, compared to 2018, which recorded 221 billion dirhams.

Bin Mejren revealed that real estate investments for women only in Dubai in 2019 amounted to 27.5 billion dirhams, recording an increase of 5.7 billion dirhams compared to 2018, pointing out that the largest share of real estate investments is for citizens of the state, while Saudi Arabia topped Arab investments in real estate in Dubai India, Pakistan, and Britain ranked first globally, respectively.

Contracts and activities

Bin Mejren said that the volume of lease contracts that were registered during the year 2019 reached 530 thousand contracts, with a total value of 54 billion dirhams, while "Dubai Lands" issued 466 new real estate licenses, 1032 new cards to practice "real estate brokerage activity", and 11 cards Practice the "real estate appraisal profession".

On the level of projects sold on the map during the year 2019, Bin Majren pointed out that 82 projects were completed, and the same year saw the opening of 72 new escrow accounts, while the department issued 4815 real estate permits, while the number of real estate offices until the end of last year reached 13,173 Office.

Supportive legislative environment

In response to a question about the laws and legislations adopted by the Dubai government with the aim of increasing economic activity in the emirate and pushing growth rates towards advanced horizons, Bin Majren stressed Dubai’s keenness to find clear legal frameworks that guarantee the rights of all parties, noting Law No. (4) of 2019 regarding The Real Estate Regulatory Agency, and the joint ownership law that came to guarantee the rights of all parties involved in the sector, whether owners, tenants, investors, or real estate developers.

Bin Mejren emphasized the importance of Law No. (6) of 2019 regarding ownership of joint real estate in the Emirate of Dubai, which formed a specific step that enhances the attractiveness of real estate investment in the emirate, and provided double support for investor rights in the sector.

Bin Majren reviewed the provisions of Decree No. 27 of 2019 related to registration fees and real estate disposal in the Emirate of Dubai, as the decree included the cancellation of registration fees for sales of real estate, which are carried out in accordance with the Islamic financing system, and that are first met by 4%, on To be fulfilled upon concluding the second pledge of pledge to reduce the costs of real estate investment, encouraging various categories of investors and end-users to enter the real estate market, and supporting the trends of the Islamic economy in the emirate.

He noted that the positive impact of this decree is not limited to the real estate sector only, but also exceeds it to support and motivate Islamic banks, banks and finance companies to provide Islamic sources of financing for the real estate sector in the emirate, and encourage them to own real estate and resell them to customers, in accordance with the provisions of Islamic Sharia.

Real estate disputes

The Director General of the Dubai Lands Department said, Sultan Butti Bin Majren, that the Real Estate Regulatory Agency affiliated to "Dubai Lands" managed to solve 1571 real estate complaints in friendly ways, while the Center for resolving rental disputes in Dubai last year recorded 27 thousand and 56 cases, Almost 75% of the cases were resolved.

"Angel's System" achieves two million dirhams of savings

The Director General of the Department of Lands and Properties in Dubai, Sultan Butti Bin Majren, reviewed the importance of the electronic system "Malak", which was developed internally in the hands of Emirati cadres, and includes a system for managing buildings and common spaces in an innovative smart way, showing the investor the application mechanism.

Bin Mejren detailed the positive impact of the system, saying: "During the next phase, the Foundation expects to manage amounts of up to four billion dirhams, improve the level of customer satisfaction with the service, and reach a rate of 94.4%."

He revealed that the number of real estate registered in the system is 1602 buildings, 26 thousand and 976 villas, while the total savings achieved amounted to two million dirhams, and the initiatives contributed to the total disposal of the required visits to the department, and reached its number to "zero".

He pointed out that the “Malak’s System” derives its importance from ensuring comprehensive oversight governance on all parties of the real estate relationship regarding the imposition of service fees before the owners claim to pay them, through the use of the department’s and enterprise’s database, through the real estate unit’s registered area data with the department, and the owners ’data, This system includes the provision of accessible solutions, to enable owners to pay service fees through the approved channels, which have been agreed upon by banks and banks and the electronic payment portal (monetary).

The “Malak System” is the first of its kind in the world for real estate governance, and it was developed by Emirati cadres.

27.5

Billion dirhams of women's investment in the bottom sector, an increase of 5.7 billion dirhams over 2018.

The registration of 530 thousand lease contracts in Dubai in 2019, with a total value of 54 billion dirhams.

Expo 2020 Dubai will boost capital flows, and estimates are more than 122 billion dirhams between 2013 and 2031.

Emiratis top the real estate investment in Dubai .. And the first Saudi Arabia in the Arab world.

Real estate transactions in Dubai rose to 228 billion dirhams in 2019.