The value of real estate deals and sales in the emirate of Dubai in the January-November period of the current year amounted to AED210 billion, up 15 per cent from the AED183bn recorded in the same period last year.
Dubai Land Department’s Director-General, Sultan Butti bin Mejren, stressed that the final say is always for official data and not for unscientific surveys.
Bin Mejren was responding to a report by finance comparison website compareit4me.com, which said that 67 per cent of residents don’t prefer to buy properties and prefer to remain tenants.
In remarks published by Al Bayan, Bin Mejren branded the report as “inaccurate, biased” and said that it “isn’t based on official data”.
He noted that the return on investment in Dubai ranges between six to eight per cent, a rate, according to Bin Mejren, that is highly lucrative compared with other countries.
Bin Mejren delivered an upbeat prognosis of Dubai’s real estate market in starting from the third quarter of 2016 onwards as Expo 2020 approaches.