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23 February 2024

Dubai real estate sales reach Dh451bn

Sheikh Mohammed bin Khalifa Al Maktoum (SUPPLIED)

By Parag Deulgaonkar

The total number of sale transactions in Dubai touched 145,770, worth Dh451 billion, from 1963 till 2008, according to Dubai Land Department statistics.

The real estate boom in Dubai began with the decision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to grant property ownership rights to foreigners in 2002, which took the total value of sales after 2002 to Dh168bn compared to Dh212bn for the whole period since 1963.

The cumulative number of mortgage transactions during the same period reached 51,739, with sales value of Dh620bn, the figures show.

Meanwhile, the Dubai Land Department unveiled its new identity yesterday, as it moved to consolidate its role of overseeing the key real estate sector.

Dubai Land Department Chairman Sheikh Mohammed bin Khalifa Al Maktoum said the new identity reflected the government's efforts to provide an investment-attractive climate, in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, which is based on solid principles underpinning a mission to achieve sustainable growth and comprehensive development and modernise the government sector and services.

"The real estate boom in Dubai is a reflection of the major aspects of the UAE's economic prosperity. Dubai's unique real estate and urban experience has increased the sector's competitiveness globally," he said. "The new logo embodies Dubai's safe investment environment, especially after issuing a new package of real estate legislations aimed at protecting the market, keeping up the momentum of the boom and encouraging investors. The new logo helps Dubai Government implement its vision to maintain its leadership and confidently go forward."

Dubai Land Department Director-General Sultan Butti bin Mejren said: "The new logo reflects the commitment to maintaining the national identity as a general principle, and reinforces excellence and quality as a strategic business model for the department. We will continue to improve performance and deploy our quality culture for all services offered to customers."

The new logo combines both national identity and the future. The palm tree is an essential component of the national memory, whereas part of it indicates the digital era and the department's drive to adopt the latest technology and its vision of becoming the leading global real estate authority. The white part of the logo stands for the transparent investor friendly environment, while the red line represents the shield that would protect investor property. Variation in colour degrees reflects the depth and spirit of the logo. The circle derives its black colour from the UAE flag.