The value of real estate transactions in Dubai reached AED106 billion ($28.8 billion) in the first five months of 2019 compared to AED95 billion in 2018, a growth rate of 12 percent, a new report revealed on Tuesday.

Dubai Land Department (DLD), in its annual report, also said that Dubai also witnessed the launch of 48 new real estate projects in the same period compared to 84, comprising 20,000 units, in 2018. Upon completion, they are expected to add approximately 8,000 new residential units to the real estate sector with a total area exceeding 730,000 square metres.