Statistics from the DLD show that property worth only Dh38
million was registered in the first quarter of 2007, which makes the
increase in 2008 worth 10,000 per cent.
The DLD said the number of apartments registered since the beginning of
2008 has been the highest ever for a quarter. The value of apartments
was more than Dh2.8bn, while villas, at Dh815m, made up the rest of the
property registrations so far this year. During the same period of
2007, the value of apartments and villas registered did not exceed
Dh32m and Dh5m, respectively.
Mohammed Sultan Thani, Assistant Director-General of Excellence and
Organis-ational Governance at the DLD, said the registration figures
account for perhaps 25 per cent of the total apartments and villas
being sold in Dubai. The value is set to increase, as the DLD will soon receive more applications for registration, he said.
Thani said the DLD keeps calling on developers to register their
properties, whether apartments or villas. He also appealed to landlords
and buyers to request developers to register properties to ensure
owners’ rights.
Last December, the DLD had warned landlords and developers against
delaying the registration of their properties. Thani said the DLD had
given a grace period to developers and owners to register their
properties, after which the department will register all properties at
their prevailing market value instead of the price mentioned in the
sale contract.
Meanwhile, the total value of land sold in Dubai
since the beginning of 2008 went up more than Dh44bn, registering a
growth rate of 144 per cent over the previous year, according to the
DLD.
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