Dubai – Mubasher: The UAE's real estate sector has witnessed a 25% rise in overall transactional activity in the first quarter of 2017, said the Dubai Land Department's (DLD) director general at the first Ramadan Real Estate Majlis.

Speaking at the event and stressing Dubai’s position as a safe haven for investors, Sultan Butti Bin Mejren told investors that the DLD will carry on with its efforts "to spur development by providing a sustainable real estate environment that will attract investor confidence in the market.”

Named the International Property Show (IPS), the event is considered the Middle East’s Biggest Property Sales Platform and features top developers from across the UAE, according to a statement released Saturday.

The Majlis event, which took place in Dubai, was held under the theme “Upgrading Real Estate Sector & Investment Promotion.”

IPS CEO Dawood Al Shezawi commented that the event was a means to bring together and enhance the relationship between the government and private sectors in order to bolster the UAE's real estate market.

"It is beneficial to deliberate on issues that affect the property market in order to have a better understanding of challenges at hand and come up with probable solutions,” Al Shezawi added. 

Factors currently challenging the UAE's property market include: "lower oil prices, a strong dollar-pegged local currency, banks policies on money transfers, [and] reconsidering the mortgage cap set by the UAE Central Bank," according to the statement.

Other factors entail the "possible effects" of the value-added tax (VAT), which is scheduled for implementation in 2018, the balancing of supply and demand, providing incentives to investors, and affordability of housing for end-users.

Emaar Properties managing director Ahmad Thani Al Matrooshi emphasised the importance of working together in order to upgrade and support the real estate sector.

“We have a strong appeal to international investors.  As developers, we can do the marketing but we need the continuous support of DLD and banks in completing transactions getting the money abroad,” he told attendees.

Meanwhile, Dubai Properties' chief commercial director Masood Al Awar said that

“80% of the demand will come from the international market. However, as of today, not even 50% come from it which means that we still have a huge market to conquer and investors to attract moving towards 2020.”