Dubai: Now, buy property in minutes, not days

Dubai Land Department signs deal with top seven developers of the emirate, allowing them to use its registration system to manage all real estate transactions

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Image used for illustrative purpose. Photo: File
by

Waheed Abbas

Published: Tue 20 Aug 2024, 4:49 PM

Last updated: Wed 21 Aug 2024, 10:15 AM

Buying properties in Dubai will become smoother and faster as registration time will reduce from days to minutes.

This came after the Dubai Land Department signed a deal with the top seven developers of the emirate, allowing them to use its registration system to manage all real estate transactions.

The deal will empower developers and substantially increase the registration capacity.

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In addition, DLD granted full permission to 7 developers to use the systems to register and audit all real estate transactions for both developers and investors.

Photo: Supplied

The seven developers include Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments and Danube Properties. These seven developers are also the largest suppliers of new supply as well as off-plan units.

Photo: Supplied

In July, Emaar Properties claimed the top spot in the off-plan market with the bulk of developers’ off-plan registrations taking a dominant market share of 23 per cent. They recorded 2,077 transactions spread across a myriad of their projects. Danube Properties was next at 6.9 per cent of all off-plan transactions with Bayz 101 in Business Bay being a clear leader for the month — clocking up 262 sales, followed by Sportz (155) in Dubai Sports City and Diamondz (94) in the JLT Embankment. Taking third place was Sobha Group, securing a 6.5 per cent market share, said Property Monitor.

Photo: Supplied

Real estate consultancy ValuStrat said Emaar (20.3 per cent), Damac (7.2 per cent), Danube (5.2 per cent) and Nakheel (4.8 per cent) led the developer sales charts overall last month.

Photo: Supplied

Dubai recorded delivery of 12,900 apartments and 3,925 villas in the first half of 2024. It is estimated that another 20,000 apartments and 5,000 villas will be handed over during the remainder of the year.

Photo: Supplied

Majid Al Marri, CEO of the Real Estate Registration Sector at Dubai Land Department, said this agreement will provide “greater protection for investor rights, and expedite and simplify procedures” as well as ensure transparency in the sector.

Photo: Supplied

“We will also provide necessary training and technical support to the employees of these companies for operating the system, in addition to maintaining the quality of transactions registered by these companies and evaluating the accuracy of their records,” he added.

Photo: Supplied

Dubai Land Department said it will improve its supervision and regulation by tracking all transactions.

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Waheed Abbas

Published: Tue 20 Aug 2024, 4:49 PM

Last updated: Wed 21 Aug 2024, 10:15 AM

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