São Paulo – Dubai’s real estate market grossed US$ 30.7 billion in the first half of 2014. Business in Q2, however, yielded 14% less than in Q1, amounting to around US$ 14.157 billion. The information was released this Wednesday (23rd) by the Dubai Land Department (DLD) and published on the website Arabian Business.
Out of the transactions of the period, 54% were sales, amounting to 22.096 operations and US$ 16.743 billion. Mortgages accounted for 42%, totalizing 6.922 deals, worth US$ 12.877 billion.
“The Dubai real estate market has become the focus of attention for an increasing number of investors from around the world. This interest can be attributed to several reasons, most importantly the renewed confidence in the Dubai market after the city’s winning bid to host World Expo 2020,” pointed out Sultan Butti Bin Merjen, director general of DLD, according to the article.
“Added to this optimism is the strengthening solvency of many major companies in the market. The overall result is that the real estate market in Dubai is able to regenerate and offer a variety of products to attract investors. We believe that Dubai can sustain this level of attraction and build on the momentum that is developing from the increased demand,” he added.
Bin Mejren has also attributed the growth of volume of investments in real estate to a well-conducted economic policy pursued by the Government of Dubai over the past months and years.
“This policy has included the launch of mega projects such as the recently announced World Mall, which have been designed to keep Dubai’s real estate market ahead of the global competition. These projects have been launched alongside initiatives that encourage investment and new laws and legislation that ensure a healthy pace of market growth,” he added. The World Mall is intended to be one of the largest shopping malls in the world.
*Translated by Rodrigo Mendonça
