Faster Property Registration in Dubai
With registration times dropping from days to minutes, purchasing real estate in Dubai will become easier and faster.
This arrived after the Dubai Land Department signed a contract with the top 7 developers of the emirate, authorizing them to use its registration method to handle all real estate transactions.
Empowering Developers and Increasing Registration Capacity
The agreement will empower developers and substantially improve the accommodation of registration.
In accumulation, the Dubai Land Department(DLD) granted full approval to 7 developers to use the procedures to register and audit all real estate transactions for developers and investors.
Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties are among the seven developers. These seven developers are the largest suppliers of new supply and off-plan units.
Dominance in the Off-Plan Market
With most developers’ off-plan registrations holding a commanding market proportion of 23%, Emaar Properties announced in July that they were the market leaders in the off-plan segment. They registered 2,077 transactions distributed across a myriad of their developments. Danube Properties was following at 6.9% of all off-plan transactions, with Bayz 101 in Business Bay being a prominent leader for the month — clocking up 262 sales, tracked by Diamondz (94) in the JLT Embankment and Sportz (155) in Dubai Sports City. Taking third place was Sobha Group, securing a 6.5% market share, said Property Monitor.
Overall Developer Sales Charts
Real estate consultancy ValuStrat said Emaar (20.3%), Damac (7.2%), Danube (5.2%), and Nakheel (4.85%) led the developer sales charts overall last month.
Upcoming Deliveries in Dubai
In the 1st quarter of 2024, 12,900 apartments and 3,925 villas were delivered to Dubai. A further 20,000 apartments and 5,000 villas are anticipated to be completed by the end of the year.
Also Read: Dubai: 10 property owners banned from leasing due to overcrowding, safety concerns
Improved Supervision and Regulation
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” and 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 will improve its supervision and regulation by tracking all transactions.
