Seven developers, including Emaar, Damac, and Sobha Realty, have inked agreements with Dubai’s Land Department (DLD) to use DLD’s registration systems for managing real estate transactions. Binghatti Properties, Aldar Properties, Azizi Developments, and Danube are parties to the agreement.
The initiative, according to a statement released by the authority on Tuesday, aims to improve service quality, streamline procedures by cutting down on transaction times, and strengthen cooperation with the private sector.
“These companies will use the advanced registration systems developed by DLD to provide high-efficiency and quality services to Dubai Land Department customers,” said DLD in a statement.
Majid Al Marri, CEO of the Real Estate Registration Sector at Dubai Land Department, said, “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.”
Al-Marri added, “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.”
What does the agreement mean?
According to DLD, developers now have complete authorization to register and audit all real estate transactions for investors and developers using DLD’s systems. It further stated that this will increase capacity and reduce registration times from days to minutes, increasing investor and client satisfaction.
Additionally, by assisting developers in meeting the rising demand for real estate, the agreement promotes economic expansion and draws in more capital. DLD added that it would strengthen its oversight and control over the real estate industry.