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

Purchasing properties in Dubai is set to become more efficient, with registration times dropping from days to mere minutes. This advancement follows a new agreement between the Dubai Land Department (DLD) and the emirate’s top seven developers, enabling them to utilize the DLD’s registration system for managing all real estate transactions.

This deal empowers developers and significantly boosts registration capacity. The DLD has granted full access to these developers to use the system for registering and auditing all real estate transactions, benefiting both developers and investors.

The seven developers involved in this agreement include Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties. These companies are also the largest contributors to the new property supply and off-plan units.

In July, Emaar Properties led the off-plan market, capturing a dominant 23% market share, with 2,077 transactions across various projects. Danube Properties followed with 6.9% of off-plan transactions, led by Bayz 101 in Business Bay, Sportz in Dubai Sports City, and Diamondz in JLT Embankment. Sobha Group took third place with a 6.5% market share, according to Property Monitor.

Real estate consultancy ValuStrat reported that Emaar (20.3%), Damac (7.2%), Danube (5.2%), and Nakheel (4.8%) were the top developers in terms of overall sales last month.

In the first half of 2024, Dubai saw the completion of 12,900 apartments and 3,925 villas. An additional 20,000 apartments and 5,000 villas are expected to be delivered by year-end.

Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, stated that this agreement will enhance investor protection, simplify procedures, and ensure transparency in the sector. The DLD will also provide training and technical support to the developers’ employees and maintain the quality of registered transactions, while closely monitoring and regulating all activities.


Source: www.khaleejtimes.com

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