Purchasing real estate in Dubai is set to become more streamlined and rapid, as the registration process will be shortened from days to mere minutes. This advancement follows the agreement between the Dubai Land Department and the emirate's leading seven developers, enabling them to utilize the department's registration platform for all property transactions. This collaboration will significantly enhance the developers' capabilities and boost the registration efficiency. Furthermore, the DLD has authorized these seven developers to fully utilize the system for registering and auditing all transactions pertaining to both developers and investors.
The seven developers involved are Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube Properties. These entities are also the major providers of new properties and off-plan units. In July, Emaar Properties dominated the off-plan market with a 23% share, recording 2,077 transactions across various projects. Danube Properties followed with a 6.9% share, led by Bayz 101 in Business Bay with 262 sales. Sobha Group secured third place with a 6.5% market share, according to Property Monitor.
Real estate consultancy ValuStrat reported that Emaar, Damac, Danube, and Nakheel were the top sellers in the overall developer sales charts for the previous month. Dubai saw the delivery of 12,900 apartments and 3,925 villas in the first half of 2024, with an additional 20,000 apartments and 5,000 villas expected to be handed over by year-end.
Majid Al Marri, CEO of the Real Estate Registration Sector at Dubai Land Department, highlighted that this partnership will enhance investor protection, accelerate and simplify procedures, and ensure transparency. He also mentioned that they will offer necessary training and technical support to the employees of these companies, ensuring the quality and accuracy of the transactions.
The Dubai Land Department plans to enhance its oversight and regulation by monitoring all transactions.
