Dubai says 88 property projects launched in the first half

The boom in Dubai’s real estate market has been boosted by big-ticket projects, Sultan Butti bin Mejren, the director-general of DLD, said. Above, the Burj Khalifa. (Reuters)

UBAI: The Dubai Land Department (DLD) on Saturday said that a total of 88 property projects were launched during the first six months of the year.
The agency also said that 68 real estate projects were registered with the government, amounting to an investment value worth Dh21 billion (SR21.44 billion).
“Dubai is currently witnessing increasing interest from international investors, which has reinforced confidence in our real estate sector and its future prospects,” Sultan Butti bin Mejren, the director-general of DLD, said in a statement.
Bin Mejren also said that 713 developers are registered in agency’s database, alongside a total of 483 projects.
DLD earlier reported that property transactions in Dubai rose by 16.8 percent in the first half to Dh132 billion from Dh113 billion a year ago, with Dubai Marina the top choice in terms of number of transactions, followed by Business Bay, Al Barsha South 4 and Jebel Ali.
The number of total transactions also rose to 35,571 or 25.9 percent higher than 28,251 sales recorded in the year-earlier period.
The first half also saw the completion of 24 projects that had been initiated in previous years, bin Mejren said.
“The figures reaffirm the momentum and sustainability of Dubai’s real estate market, which is following an upward growth trajectory,” he said, aided by the development of big-ticket infrastructure projects and the positive investment climate.