Purchasing properties in Dubai will become much smoother and faster as registration time will now reduce from days to minutes after the Dubai Land Department contracted a deal with the top seven developers of the emirate, permitting them to use its registration system to manage all real estate transactions.
The deal will help in empowering the developers and significantly raise the registration size.
Moreover, DLD conceded full permission to 7 developers to use the systems to register and audit all real estate contracts for both developers and investors.
The seven developers comprise Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments and Danube Properties. These seven developers are also the largest dealers of new supply as well as off-plan units.
In July, Emaar Properties maintained the top spot in the off-plan market with the bulk of developers’ off-plan registrations taking a leading market share of 23 percent. They recorded 2,077 transactions spread across a myriad of their projects.
Danube Properties was next at 6.9 percent of all off-plan transactions with Bayz 101 in Business Bay being a clear leader for the month — rounding up 262 sales, chased by Sportz (155) in Dubai Sports City and Diamondz (94) in the JLT Embankment.
Securing third place was Sobha Group, ensuring a 6.5 percent market share, said Property Monitor.
Real estate consultancy ValuStrat said Emaar (20.3 percent), Damac (7.2 percent), Danube (5.2 percent) and Nakheel (4.8 percent) preceded the developer sales charts overall last month.
Dubai documented the delivery of 12,900 apartments and 3,925 villas in the first half of 2024. It is projected 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 offer “greater protection for investor rights, and expedite and simplify procedures” as well as ensure precision in the sector.
“We will also provide essential training and technical backing 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 enhance its supervision and regulation by pursuing all operations.