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.
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.
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.
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.
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.
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.
“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.
Dubai Land Department said it will improve its supervision and regulation by tracking all transactions.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - July 2024
