Dubai have scaled record highs in property transactions since the Higher Real Estate Planning Committee was formed

Dubai property sales transactions have scaled record highs since the government announced forming a committee, which will be chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and First Deputy Chairman of the Executive Council. The committee’s purpose is to ensure that semi-government real estate companies do not compete with private investors and to develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years. According to Data Finder, the real estate insights and data platform under the Property Finder Group, 5,051 overall property sales were recorded with the Dubai Land Department (DLD) in November 2019, hitting a 11-year high on a monthly basis. This eclipsed the 4,774 overall property sales registered in October 2019 and the 4,007 real estate transactions recorded in September 2019. Cumulatively, this amounted to 13,832 transactions in the three-month timeframe. Also, the DLD registered the sale of Burma Island, part of the World Islands, for a whopping AED112.77 million on December 8, 2019. According to the data, it appears that the announcement of the committee has had a positive impact on market sentiment in the three months since September. With Expo 2020 less than a year away, it seems like people are making up their mind to buy property in Dubai.