By: Amr Adel

Dubai – Mubasher: The value of real estate transactions is expected to fall 9% by the end of this year, according to Sultan Bin Mejren, Director General of the Dubai Land Department (DLD). 

Real estate transactions, based on DLD estimates, are likely to reach AED 244 million ($66.5 billion) by the end of 2016, Mejren noted on the sidelines of a conference in Dubai. 

In 2015, plots and properties transactions amounted to around AED 267 billion ($72.7 billion). 

On the other hand, Bin Mijren expected 2017 will see growth in real estate transactions, backed by the launch of new projects and initiatives that support the goals of sustainable development.

Translated by: Julian Nabil