Dubai real estate contributed to 13.6pc of Emirate’s GDP

18 September, 2019 12:00 AM printer

Dubai: As part of its keenness to establish transparency in the real estate market and form permanent communication bridges with all parties concerned, Dubai Land Department (DLD) presented its Annual Report: Real Estate Sector Performance 2019, comprising four chapters, each covering a variety of topics. DLD aims to provide a comprehensive overview of the market performance in 2018.

Sultan Butti Bin Mejren, Director General of DLD, said: “We continue to support the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and commit to his wise directives, to strengthen Dubai’s position as a global economic capital, by cooperating with developers from the public and private sectors. We wish this report to become a reference for researchers that showcases the prestigious position of our economy and its momentum as we aim to achieve the ultimate goal of positioning Dubai ahead of all major cities in the world.”

The report highlights DLD’s role and its keenness to strengthen its relations with all relevant parties, including developers, investors, and customers, and keep them up to date with the latest developments in the sector to establish the principle of transparency as well as help them make the right decisions based on comprehensive data, reports Xinhua.

Bin Mejren added: “Though the real estate sector reflects the development achieved by the Emirate across all fields, it does not come without its challenges. On the one hand, we have to continue this momentum, which has been achieved through promotional initiatives at the local and global levels through our exhibitions in prominent Arab and international capitals. On the other hand, we should ensure transparent communication and openness to all investors and other parties in this sector.”

The report provides a complete overview of real estate performance in 2018 through the analysis of the sector’s performance based on sectoral and macroeconomic indicators. The report provides a reference for all real estate stakeholders through which they can transparently trace and compare the performance of the sector over the years with other cities.

The first chapter of the report covers the economic growth and role of the real estate sector in this growth, whereas the second chapter analyses the operational indicators of the sector. Chapter three focuses on the performance of the real estate sector in the ease of doing business index, ownership registration, and the global real estate sector transparency index. Chapter four focuses on economic and real estate sector growth expectations for the coming year.

According to the report, Dubai’s real estate sector progressed in global competitiveness indicators. In the ease of doing business index, the UAE delivered outstanding results by ranking 11th globally, having advanced ten ranks among 190 countries. This result is represented by Dubai as the largest business city and a result of improvements in a number of sectors, most prominently, of which the real estate sector, represented by the real estate registration index, which advanced three ranks in 2019 and ranked seventh globally.


Top