The Dubai Land Department (DLD) has announced they have signed agreements with seven top real estate developers in the emirate. This move will allow the developers to use its registration system, drastically cutting real estate transaction time.
These developers can now directly register and audit the transactions on the system. It should reduce time from days to a matter of minutes, while also increasing capacity.
Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments and Danube Properties make up the seven initial developers. It is not known if more are to join in the future.
“These companies will use the advanced registration systems developed by DLD to provide high-efficiency and quality services to Dubai Land Department customers.”
DLD statement
In July, Emaar Properties recorded 2,077 transactions in the off-plan segment, the highest of all developers in Dubai, giving the developer a 23% share of the market.
Danube Properties was next at 6.9% of all off-plan transactions. Taking third place was Sobha Group, securing a 6.5% market share, according to Property Monitor.
12,900 and 3,925 villas were handed over in the first half of 2024.
“Through this partnership, we aim to enhance market confidence in the real estate market, provide greater protection for investor rights, and expedite and simplify procedures by transparent governance standards.
“Elevating the levels of partnership with the private sector and achieving integration with government services remain top priorities for us. This ensures the provision of proactive real estate services, raises awareness, confidence, and transparency in the sector, and solidifies its sustainability and future readiness.”
Majid Al Marri, CEO of the Real Estate Registration Sector, Dubai Land Department
It comes as the Dubai real estate market has shown impressive growth and resilience in recent months, according to the Real Estate Research Second Quarter 2024 report, from ValuStrat.
Their Price Index for Residential Capital Values increased by 6.4% quarterly and 28.2% annually, reaching 178.2 points.
Despite severe flooding caused by record rainfalls earlier in the year, the quick and effective response from developers and authorities helped to mitigate the damage, ensuring that market activity and property valuations remained robust.
Also, in the wider economy, according to the Central Bank of UAE, economic growth in the country is expected to surpass 6% in 2025.
