The MoU between DLD and NAR promises great times ahead for real estate
The Dubai real estate sector has always carried a buzz around it, with travellers and investors across the world testifying to its charm. While it has been a shining example of growth, sustainability and transparency, recent developments have given it a further leg-up, making the buzz around it stronger.
With COVID fears receding and the uncertainties gripping the market also fast becoming a thing of the past, the realty sector is poised to take off on an accelerated note. Dubai is fortunate in that the authorities have exhibited a marked proactive approach to the real estate sector, taking the right steps from time to time to boost the industry and improve its functioning. Independent analysts have hailed Dubai for its administrative and economic reforms, successful vaccination drive, and the recently concluded Expo 2020 — all of which have helped not just the real estate sector but also the entire economy to make a pronounced comeback.
In this context, the recent Memorandum of Understanding (MoU) signed by the Dubai Land Department (DLD) and the National Association of Realtors (NAR), the largest US association for the real estate sector, at the 2022 edition of the International Property Show (IPS 2022), is yet another step that will bring glad tidings to the real estate industry of the city.
DLD-NAR MoU: A strategic alliance
There is a lot the two can benefit from the MoU — it will help boost mutual cooperation and enhance the expertise of real estate service providers in Dubai, thereby ensuring the best services for investors. Dubai has been working hard to provide a competitive and level playing field to real estate investors, and its endeavours have borne fruit. Real estate players, who already feel positive about Dubai, are set to benefit further as DLD and NAR glean learnings from each other and implement them in their respective nations.
Expectedly, the most important terms of the agreement correspond to exchanging experiences as well as increasing real estate knowledge, qualifying and continuing education for brokers, and coordinating between real estate brokers in Dubai and the US. These will help strengthen the relations between the two geographies and provide real estate opportunities to interested parties.
Both DLD and NAR are leading international platforms for real estate stakeholders, and the partnership between the two will not only promote a healthy exchange of ideas and shared experiences but will also provide global-level training to real estate personnel, leading to the betterment of the sector as a whole. Undoubtedly, the emirate’s global position will improve, as will its ability to meet the demands of its expanding real estate sector.
Incidentally, a recent survey involving property analysts forecast that Dubai house prices would rise 2.5% in 2022. It predicts that the Dubai residential property market will be on a steady course for a couple of years with a modest rise in prices. The survey findings indicate affordability on one hand and sustainable growth on the other. The MoU is yet another feather in the cap of the Dubai authorities, who seem to be doing everything right to promote the real estate sector and propel it to greater heights.
DLD describes its mission clearly: “To position Dubai as the world’s premier real estate destination, and a byword for innovation, trust, and happiness.” It would not be wrong to say that it is on the right path to achieving this goal.