Purchasing property in Dubai will become smoother and faster, with registration time reducing from days to minutes.
This follows an agreement signed by the Dubai Land Department with the seven largest developers in the emirate, allowing them to use the department’s registration system to manage all real estate transactions.
This deal is expected to help developers and significantly enhance registration capabilities.
Additionally, the department has granted full authorization to seven developers to use the systems to register and audit all real estate transactions for developers and investors.
The list of the seven developers includes Emaar Properties, Damac Properties, Binghatti Properties, Aldar Properties, Shoba Realty, Azizi Developments, and Danube Properties. These seven developers are also the largest suppliers of new and off-plan units.
In July, Emaar Properties dominated the off-plan sales market share, capturing a share of 23% of all off-plan sale registrations by developers. The company recorded 2,077 transactions across numerous projects. In second place came Danube Properties capturing a 6.9% market share of all off-plan transactions. Sobha Group ranked third, with a market share of 6.5%, according to the Property Monitor report.
The real estate consultancy ValuStrat stated that Emaar (20.3%), Damac (7.2%), Danube (5.2%), and Nakheel (4.8%) topped the developers’ sales charts overall last month.
Purchasing property in Dubai exceced expectations. Dubai recorded the delivery of 12,900 apartments and 3,925 villas in the first half of 2024. While an additional 20,000 apartments and 5,000 villas are expected to be delivered for the remainder of the year.
Majid Al Merri, Executive Director of the Real Estate Registration Sector at the Dubai Land Department, stated that this agreement will provide “greater protection for investors’ rights, accelerate and simplify procedures,” and ensure transparency in the sector.
He added, “We will also provide training and technical support to the staff of these companies for operating the system, in addition to maintaining the quality of transactions registered by these companies and assessing the accuracy of their records.”
The Dubai Land Department said it will enhance its oversight and regulation by tracking all transactions.
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