Dubai records thumping Dh1.5 bn realty transactions

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The sales included 265 villas and apartments worth AED556.45 million, and 29 land plots worth AED109.88 million…reports Asian Lite News

Dubai’s real estate market recorded 294 sales transactions worth AED666.33 million and mortgage deals of AED915.77 million in addition to seven gift transactions amounting to AED9.84 million Monday, data released by the emirate’s Land Department (DLD) showed.

The sales included 265 villas and apartments worth AED556.45 million, and 29 land plots worth AED109.88 million, while the mortgages included 74 villas and apartments worth AED153.56 million and 14 land plots valued at AED762.21 million, bringing the total realty transactions of today to over AED1.5 bn.

Rise in business confidence

Driver by the implementation of a series of measures to enhance ease of doing business and enhance confidence among merchants in Dubai, the emirate has recorded a 17% decline in commercial complaints in 2021.

All commercial complaints, which involve business-to-business disputes, submitted in 2021 came through smart channels, indicating a strong preference among businesses for engaging digitally with government authorities in Dubai.

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The Commercial Compliance & Consumer Protection (CCCP) Sector in the Department of Economy and Tourism (DET) received 414 commercial complaints in 2021, compared to 500 in 2020. DET received 91% of the commercial complaints in 2021 on its website – consumerrights.ae – and the remaining 9% on the ‘Dubai Consumer’ app.

Mohammed Ali Rashed Lootah, CEO of CCCP, remarked that initiatives launched by the Sector to increase compliance awareness among traders, and enable them to adopt best practices in transacting business with their counterparts as well as consumers, have helped promote confidence internationally in the Dubai brand as well as the competitiveness of the emirate as a hub and gateway.