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

Buying properties in Dubai will become smoother and faster as registration time will reduce from days to minutes.

This development follows the signing of an agreement between the Dubai Land Department (DLD) and the top seven developers in the emirate, enabling them to use the DLD's registration system to manage all real estate transactions.

The deal will empower developers and significantly increase the registration capacity.

In addition, DLD has granted full permission to these seven developers to use the systems to register and audit all real estate transactions for both developers and investors.

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The seven developers include Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties. These 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 percent. They recorded 2,077 transactions spread across a myriad of their projects. Danube Properties followed with 6.9 percent 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. Sobha Group secured third place, with a 6.5 percent market share, according to Property Monitor.

Real estate consultancy ValuStrat noted that Emaar (20.3 percent), Damac (7.2 percent), Danube (5.2 percent), and Nakheel (4.8 percent) led the developer sales charts overall last month.

Dubai recorded the 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, stated that this agreement will provide “greater protection for investor rights, 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.

Source: khaleejtimes.com