Under the agreement, the developers are granted full permission to use property registration systems developed by DLD to register and audit all real estate transactions for both developers and investors

by Staff Writer August 20, 2024 03:37 PM GST

Dubai Land Department (DLD) has signed an agreement with seven developers in the emirate to grant them authority to use DLD’s registration systems to manage real estate transactions.

The agreement includes Emaar Properties, DAMAC, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments and Danube.

Under the agreement, the developers are granted full permission to use property registration systems developed by DLD to register and audit all real estate transactions for both developers and investors.

“This will reduce the registration process time from days to a few minutes, in addition to increasing the registration capacity, which positively impacts the satisfaction levels of clients and investors,” said a DLD 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 in accordance with transparent governance standards.”

“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,” Al Marri said.

“At Dubai Land Department, we are committed to enabling our partners in this agreement to complete the relevant services in accordance with the technical conditions for using the specified systems. 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,” added Al Marri.

Through this agreement, Dubai Land Department enhances the ability of real estate companies to meet the growing demand for properties, which supports economic growth and increases investment in the market, benefiting the local economy overall, read the DLD statement announcing the agreements.

“Additionally, DLD will improve its supervision and regulation of the real estate market by more effectively tracking all transactions. This supports the emirate’s ambitions and efforts to become one of the world’s leading cities in real estate management and development,” said DLD.