Experience the thrill of buying property in Dubai in just minutes, not days!
- Dubai Land Department strikes a deal with seven top developers for swift transactions.
- New system empowers developers with control over registration and auditing.
- Emaar Properties leads the market with a 23% share in off-plan projects.
- Over 16,825 new homes delivered in the first half of 2024 with more on the way.
In a bold move set to revolutionize the real estate market, the Dubai Land Department (DLD) has inked an agreement with seven of the emirate’s leading developers. This landmark deal is designed to streamline property transactions, slashing the buying process from days to mere minutes. Such an initiative promises to change the landscape for property buyers, investors, and developers alike.
The agreement brings developers like Emaar Properties, Damac, and Binghatti Properties, among others, into an empowered position. They now possess full control over the registration and auditing of real estate transactions. This newfound power is expected to significantly ramp up the capacity for property registrations and enhance overall efficiency in the sector.
Emaar Properties has emerged as a frontrunner in this dynamic market shift. Dominating with a 23% share in the off-plan market, Emaar has recorded 2,077 transactions across various projects. Joining the race, Danube Properties holds a 6.9% market share, driven by remarkable sales in developments like Bayz 101 in Business Bay and Sportz in Dubai Sports City.
Not far behind, Sobha Group captures a 6.5% market share, reflecting the competitive nature of Dubai’s thriving real estate market. Together, these developers represent a combined force that is reshaping the landscape and offering buyers unprecedented speed and convenience.
Further adding to the vibrancy of the market, approximately 12,900 apartments and 3,925 villas have been completed in the first half of 2024. With an additional 20,000 apartments and 5,000 villas expected by year’s end, Dubai’s skyline continues to expand at a rapid pace.
Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, remarks on the profound impact of this agreement. He highlights not only the protection it affords to investors but also its role in expediting and simplifying procedures. The commitment to transparency and the assurance of technical support to developers ensures the real estate market’s integrity and reliability.
This groundbreaking initiative does not stop at property registrations. The DLD will augment its oversight, maintaining a close watch on all transactions and thereby safeguarding the burgeoning property market’s credibility and stability. With enhanced supervision, the market stands poised for an era of speed, safety, and unparalleled efficiency.
Dubai’s property market is entering a new era, promising a blend of speed, safety, and efficiency like never before.
