Property acquisition in Dubai is set to become more streamlined, with transaction registration times reducing from several days to mere minutes.
This development follows a landmark agreement between the Dubai Land Department (DLD) and the seven leading property developers in the emirate. The agreement grants these developers access to DLD’s registration system, enabling them to oversee and manage real estate transactions directly.
This move is expected to significantly enhance the capacity of developers, allowing for faster and more efficient property registrations. As part of the agreement, the DLD has extended full authorisation to these developers, empowering them to handle the registration and auditing of real estate transactions for both developers and investors.
The seven developers involved in this initiative include Emaar Properties, DAMAC Properties, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties. These companies are recognised as the top contributors to new property supply and off-plan units in the market.
In July, Emaar Properties emerged as the leader in the off-plan segment, capturing 23% of the market share with 2,077 transactions across various projects. Danube Properties followed with a 6.9% share, led by strong sales in Business Bay and Dubai Sports City. Sobha Group secured the third position, holding a 6.5% market share, according to Property Monitor.
ValuStrat, a real estate consultancy, reported that Emaar, DAMAC, Danube, and Nakheel dominated developer sales last month, with respective shares of 20.3%, 7.2%, 5.2%, and 4.8%.
The first half of 2024 saw the delivery of 12,900 apartments and 3,925 villas in Dubai. An additional 20,000 apartments and 5,000 villas are anticipated to be handed over in the remainder of the year.
Majid Al Marri, CEO of the Real Estate Registration Sector at Dubai Land Department, stated that the agreement would enhance investor protection, simplify processes, and uphold transparency in the real estate sector.
They will also provide the necessary training and technical support to the employees of these companies, ensuring the quality and accuracy of the transactions they register.
The Dubai Land Department also emphasised its commitment to improving supervision and regulation by closely monitoring all transactions.
Original article reference: Khaleej Times.
