Dubai’s real estate landscape is undergoing a transformative shift with a groundbreaking new deal signed by the Dubai Land Department (DLD) and seven leading developers. This innovative agreement will streamline property transactions, reducing the registration time from days to mere minutes.
The deal, which includes major developers like Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties, will allow these companies to use DLD’s advanced registration system for all real estate transactions. This move not only accelerates the buying process but also enhances the efficiency and capacity of property registrations across the emirate.
With the new system in place, developers will be able to manage and audit transactions more effectively, boosting transparency and investor protection. This initiative is expected to significantly improve the ease of property purchases and sales in Dubai.
In July, Emaar Properties led the off-plan market with a commanding 23% market share, recording 2,077 transactions. Danube Properties followed with a 6.9% share, with their Bayz 101 project in Business Bay leading sales. Sobha Group also performed strongly, capturing a 6.5% market share. Overall, Emaar, Damac, Danube, and Nakheel were the top performers in developer sales last month.
Dubai’s real estate market has been booming, with 12,900 apartments and 3,925 villas delivered in the first half of 2024. Projections indicate that another 20,000 apartments and 5,000 villas will be completed by the end of the year.
Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, highlighted that this agreement will provide greater protection for investor rights, simplify procedures, and ensure greater transparency. DLD will also offer training and technical support to developers to ensure smooth operations and high-quality transactions.
This development marks a significant advancement in Dubai’s real estate sector, promising a more streamlined and secure process for both buyers and developers. Stay tuned for more updates on this exciting evolution in the Dubai property market!
Source: Khaleej Times
