In a groundbreaking move to streamline the real estate market, the Dubai Land Department (DLD) has signed a significant agreement with seven of the emirate’s top developers, enabling them to use its registration system to manage all real estate transactions. This development is set to revolutionize property buying in Dubai by reducing the registration time from days to mere minutes.
The newly inked deal empowers developers to take full control of the registration and auditing process for real estate transactions, both for developers and investors. This initiative is expected to substantially boost the capacity for property registrations across the emirate, further enhancing the efficiency of the real estate market.
The seven developers included in this agreement—Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties—are some of the largest contributors to new property supply and off-plan units in Dubai.
In July, Emaar Properties emerged as the leader in the off-plan market, commanding a dominant 23% market share with 2,077 transactions across various projects. Danube Properties followed with a 6.9% share, notably driven by strong sales at Bayz 101 in Business Bay, Sportz in Dubai Sports City, and Diamondz in JLT Embankment. Sobha Group secured third place with a 6.5% market share, according to Property Monitor.
ValuStrat, a real estate consultancy, reported that Emaar, Damac, Danube, and Nakheel were the top developers in overall sales last month, with Emaar alone accounting for 20.3% of the market.
Dubai’s real estate market has been bustling with activity, with 12,900 apartments and 3,925 villas delivered in the first half of 2024. Another 20,000 apartments and 5,000 villas are expected to be handed over by the end of the year.
Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, emphasized that this agreement will provide “greater protection for investor rights, and expedite and simplify procedures” while ensuring transparency in the sector. He also highlighted the department’s commitment to providing necessary training and technical support to the developers’ employees, maintaining the quality of registered transactions, and evaluating the accuracy of their records.
To further bolster oversight, the DLD will enhance its supervision and regulation by closely monitoring all real estate transactions, ensuring the continued integrity and reliability of the market. This initiative marks a significant step forward in Dubai’s real estate landscape, making property purchases faster, safer, and more efficient than ever before.
Source: Khaleej Times
