Dubai’s real estate sector outperformed many other economic sectors of the emirate last year, with 6 per cent growth in the transaction value reaching Dh285 billion in 2017, up from Dh268.7 billion recorded in 2016, according to the Dubai Land Department. The value of sales of land, buildings and units in the Dubai real estate market totalled Dh114 billion through 49,000 transactions, while mortgages for the same three categories reached Dh138.5 billion through 15,700 transactions.
Your move to Dubai comes with a lot of complexities, in terms of visa, accommodation, schooling and more. One of the most important amongst these will be finding the right apartments or villas in Dubai for rent. The whole process can be overwhelming especially since expats are not accustomed to the jargon associated with a tenancy contract in Dubai. One term that keeps cropping up for all real estate related activities in Dubai is ‘EJARI’.
With a growing economy, sound political infrastructure, and lucrative returns on property investment, Dubai is a haven for those looking to put down their hard-earned money in the real estate sector. Off-plan properties, in particular, enjoy an immense popularity in the region amongst property buyers. Thanks to freehold properties opening to expats back in 2002, the Dubai real estate market has since garnered a lot of interest from potential local and international buyers. Sales of
A division within the Department of Economic Development will oversee whether real estate facilities in Dubai are in compliance with existing laws. The Commercial Compliance & Consumer Protection (CCCP) will conduct field inspections of all such properties licensed by the Real Estate Regulatory Agency. This follows a new agreement signed by Dubai Land Department and Department of Economic Development. The two will coordinate to impose fines in the case of any violation of the regulations
The Dubai Land Department conducted 8,173 real estate valuations worth over Dh287 billion — the highest ever recorded — in 2017. The details were issued by Taqyeem (Dubai’s Real Estate Appraisal Centre), with the valuations done for a variety of reasons such as investor visas, gifted transfer, auction sales, zakat calculations, sale estimates, and company annual audits. Customers include private owners, developers and government entities. Accurate and regular valuations help prevent random price changes in