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The Dubai Land Department Teams Up With The Emirate’s Top Seven Developers, Allowing Them to Access Its Registration System for the Management of All Real Estate Transactions.
The real estate market in Dubai is becoming more dynamic, with recent moves to speed up property sales. This partnership allows the emirate’s top seven developers. Their registration system is available for all other property-related transactions. Consequently, this means that the signup period for new properties will decrease from 24 hours to a few minutes, making it easier and faster for people to purchase a house.
A Game-Changing Agreement
This latest agreement between DLD and foremost developers such as Emaar Properties, DAMAC, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties represents a fundamental shift in how Dubai’s property deals are conducted. These leading suppliers of newly built housing projects and off-plan products have now been permitted access to DLD’s registration facilities. In addition, it empowers developers and significantly increases its capacity for processing registrations.
Boosting Market Efficiency and Transparency
These measures are expected to shorten transaction timeframes, better protect investor rights, and improve transparency across the sector. Moreover, according to Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, the sector will provide the requisite training and technical support among developers’ staff. This backing means high service standards can be provided when transacting business while maintaining accurate records.
Also, the DLD will enhance surveillance of all transactions carried on through its system, ensuring full transparency and integrity within this market space.
Leading the Market
The seven developers involved are dominant players in Dubai’s real estate segment. In July, Emaar Properties recorded 2,077 transactions across various projects, taking up a 23% share of the off-plan market here. Like Bayz 101 in Business Bay, Danube Properties took the second position with a market share of 6.9%. Sobha Group was third, with a market share of 6.5%.
Looking Ahead
As Dubai grows, it can’t afford to ignore its real estate market. In the first half of this year, 12,900 apartments and 3,925 villas were handed over, while an additional 20,000 apartments and 5,000 villas are scheduled for completion by the end of the year. Thus, due to this new development, prospective buyers and investors will benefit from a more efficient and transparent process, thereby strengthening Dubai’s status as a global real estate hub.
This initiative by the DLD shows how committed Dubai is to ensuring that its real estate sector remains innovative and efficient. This will ensure that the interests of all relevant players remain intact, thus maintaining growth within the market.
