DIP transactions surge 50% in first 3 months of 2014

DUBAI: Dubai Investments Park, DIP, has announced that the number of transactions for transfer and sub-leasing within the development have surged by over 50 percent in the first three months of 2014.

In March 2014, the number of transactions was 367 including 352 sub-leasing and 15 transfers; February recorded 376, comprising 363 sub-leasing and 13 transfer transactions; in January there were 260 transactions, which included 251 sub-leasing and 9 transfers, while in December 2013 alone there were a total of 400-plus transactions, consisting of 381 sub-leasing and 19 transfers.

The sharp surge comes amidst heightened demand and business optimism following Dubai s successful bid to host Expo 2020.

The total number of transactions in the January-November 2013 period was around 2,900 with a value in excess of AED 800 million. During the January-March 2014 period, the total number of transactions was 1,003 with a value in excess of AED 280 million.

Omar Al Mesmar, DIP General Manager, said, “The positive impact of the Expo 2020 is already visible and we are confident that we will be able to accelerate our growth in the coming months and years. Our proximity to the Expo 2020 site is a major advantage for prospective investors, and the increased demand for our properties is testimony to this.”

The winning bid for Expo 2020 is set to lead to a large number of infrastructural projects in and around the proposed site, which is in close vicinity to DIP. Once complete, the 2.8 million square feet DIP Phase 8, constructed across two stages, is expected to be a hub for logistics services as a significant portion of land has been allocated for this sector.