Dubai Land Department’s latest initiatives poised to make property market the byword for transparency
When Sultan Butti bin Mejren, Director General, Dubai Land Department (DLD), recently declared that the aim of DLD is to provide smart and advanced real estate solutions, he was not talking through his hat. DLD has taken several initiatives to promote transparency in land dealings and deploy emerging technology tools so that investors can make informed and smart decisions. For instance, the Department recently signed MoUs with Bayut, DXBinteract.com and Property Finder — which will go a long way in providing authentic data and interactive reports.
Thanks to these MoUs, investors will have access to qualitative, private, and interactive data on real estate prices by region. They will also be able to keep track of various changes taking place in the sector, including changes in prices. Besides, DLD has made the landmark move to make all of its real estate data publicly available on its website. This includes everything from sales transactions, gifts, mortgages, Ejari registrations, valuations, land, building and unit data, as well as broker, developer, and projects data, besides unique identifiers for each transaction, such as property IDs and Ejari contract numbers.
Property seekers can look forward to a better browsing experience, and a seamless, reliable and data-backed journey. They will get access to real estate prices by region and construction status. The data analysis will take place in real-time, just like the stock market and stock exchanges. Interested parties will have access to the largest set of proprietary data on asking prices and other metrics, which will give them an insightful picture of the real estate sector. At the same time, DLD can view the profiles of real estate investors. The interactive data will give investors a clear and comprehensive view of the real estate sector in the city, providing vital market information to them, regardless of whether they want to buy, sell or invest. This will go a long way in protecting consumer interests.
Cementing UAE’s position on the global real estate map
Proactive measures taken by the authorities are bound to further promote the UAE real estate sector and impart visibility into its functioning, thus cementing the trust of global investors, buyers, sellers, and all other stakeholders. Dubai has always had a robust real estate sector, which has been hailed as one of the best in the world in terms of transparency and functioning. Just a couple of years ago, in 2020, Jones Lang LaSalle’s (JLL) biennial Global Real Estate Transparency Index (GRETI)(1) declared Dubai as having the most transparent real estate market in the MENA region.
The functioning of the sector has improved further since. As per the latest statistics(2), Dubai’s real estate sector saw the best January ever, in 2022, as it recorded 5,797 transactions worth AED 16.69 billion. The city recorded an increase in the number of transactions and value by 74.56% and 145.31%, respectively, when compared with the January 2021 figures. It goes without saying that DLD’s latest endeavours will further improve the standing of Dubai as a global destination for those seeking to invest in properties. The city is already recognized for having the most dynamic and growing real estate market in the world. And now, as transparency increases, investments are bound to grow.
To conclude, the commendable steps taken by the authorities are making Dubai an even more attractive investment destination globally. When there is transparency and trust, investor money flows in as a natural consequence. Dubai has every reason to expect an investment windfall.