Dubai’s Real Estate Market a Surge in Amicable Settlements
DLD recently came up with some good statistics about the real estate market reporting that as many as 647 amicable settlements were concluded in the first half of 2024 and their total value was AED 1.38 billion or $375 million. This achievement highlights the work the DLD has been doing to recognize and shorten the process of complaint resolution of property related cases through its Oqoodi services that has so far been
This has been made possible through the Oqoodi platform which has made it a requirement that all the settlements being made must be done so legally hence giving investors and developers a secure place to work with.
This system not only assist in improving the extent of the conflict management but also assists in preserving the relationship between the conflicting parties given the fact that a lot of time and money will be saved in the Abdullah Al Zarooni, the Legal Support Section Manager at DLD thanked the parties for accepting these settlements as they will enhance the satisfaction of investors and their continuity.
The market for real estate in Dubai has greatly regained its momentum. Within the first quarter of 2024 there were 36,000 transactions in the market which was a 17% increase from the same period of 2023. More specifically, the market for luxury real estate has been on the rise. In the period, 105 homes sold for more than $10 million, a 19% annual rise. Palm Jumeirah was the most active in this market with deals valued at $628 million in the sales.
Dubai as a city has been experiencing a rapid growth in the real estate market for many reasons. Due to its progressive living standards, security and promptly addressing the issue of sustainability, the emirate attracts the investment from all around the world.
Also, the availability of the luxury facilities and the expansion of the Dubai Hills Estate has appealed both regional and international investors. These regions are well positioned and have better infrastructure and characteristics, therefore, the cost of property has risen and the number of homes for sale also reduced.
The above indicates that the friendly dispute resolution and active market is set to rise in the future given that Dubai remains a home for HNWIs. Others are favorable policies that enhance real estate investment which is expected to continue with this growth rate.