In an attempt to boost Dubai real estate industry, the Dubai Land Department recently released an order. The order states the simplification of real estate procedures. This includes, but not limited to, application and registration process, buying and selling of properties, and application for mortgage loans and payment schemes. The agency hopes these simplification procedures would attract more real estate investments in the emirate.
DLD Simplifies Dubai Real Estate Procedures
Last Saturday, the Dubai Land Department deployed a dedicated team to overlook Dubai real estate registration. It comprised of a manager, as well as an auditor that coordinates with Dubai trustee centers.
They are to develop new strategies to simplify the registration process. The agency aims to cut down the customer's time and efforts in acquiring new properties.
If all goes well, DLD hopes to start offering this service in March 2021. According to DLD chief executive on real estate services, Majid Saqr Marri, they've been developing easy to use systems for their clients. Aside from launching Dubai real estate services online, the customers can also locate and choose their preferred registration offices.
The Drop
Since 2014, the Dubai real estate market experienced a drop in sales due to the decrease in oil prices. This also caused an oversupply of properties in Dubai. For the past six years, more than 12,000 units were handed over to DLD. Meanwhile, its average prices fall by 7%. The current COVID-19 pandemic also dwindled the demand for Dubai real estate.
Despite this trend, though, Marri, saw a growing demand to purchase real estate properties in these crucial times. Marri revealed both locals and ex-pats are taking the opportunity to buy their dream house or real estate while prices are still low.
Furthermore, the DLD is positive Dubai real estate activities and economies will bounce back next year. Hopefully, millions of tourists will flock by in the emirate when Dubai Expo 2020 resumes.
The One Step Channel
The DLD hopes to change this trend and bounce back by the launching of a one-step channel. During the development, the DLD teams will provide support operations to real estate registration centers. They will assist the verification review and certification of all applicants.
Once the applicant fulfills all the requirements, the DLD team will have the authority to conclude all procedures and proceeds with issuing title deeds. The process will start with both Dubai real estate buyers and sellers submitting all the required documents at registration trustee centers. The documents will be then subjected to review and required approvals.
The Fees
The buyers and sellers can pay the DLD fees via certified bank cheque. This should also include the fees for Dubai real estate registration trustee. If not, you can also pay it via alternative payment portals. After completing all the documents and required fees, the DLD then can issue the title of the deed to the new owner. If customers have complaints, issues, or disputes, the DLD says they can file them through Smart Dubai.
Want to take this golden opportunity to buy a real estate property and get a title sooner? Contact our professional agents now! Take advantage of this new process to fulfill your lifelong ambition of having your dream house soon.
