Dubai Land Department inks Memorandums of Understanding to enable smart real estate solutions
The Dubai Land Department (DLD) has signed a Memorandum of Understanding (MoU) with three companies that provide smart real estate solutions Property Finder, Bayut, and DXBinteract.com, to meet the high demands for transparency in real estate data, procedures, and systems.
By combining cutting-edge technology, maximum transparency of data and transactions, and customer satisfaction, the new agreement intends to boost Dubai’s virtual transformation process and consolidate the emirate’s position as the top real estate vacation spot in the world.
With the signing of the MoU, the three organizations will provide more precise information on the Dubai real estate market to enable asset purchasers to make more informed decisions, whether they are planning to buy, sell, or invest in a property. Customers, on the other hand, may be able to benefit from personal and interactive statistics on asset prices established by area, the degrees of real estate creation, and any other changing information about the current state of the real estate market. The very first similar agreement was struck in 2019, between the DLD and the Property Finder site, resulting in the creation of Mo’asher, Dubai’s first professional income and condo fee index. This index, which is published every month on the websites of each entity, has notably aided Dubai’s ranking in JLL’s Global Real Estate Transparency Index, which ranks 89 countries and 163 cities globally. In reality, according to the 2020 study, Dubai was ranked thirty-sixth, up to four spots from the previous year.
It’s also worth mentioning that the DLD and JLL launched the inaugural Dubai Commercial Property Price Index in November during Cityscape Global 2021. CPPI enables institutions, businesses, and purchasers to assess the performance of the commercial real estate sector and, as a result, make better investment decisions based on the information gathered.
As per CORE’s freshly released Dubai Annual Market Update, 2021-2022, Dubai real estate costs are expected to rise to levels last seen in 2014, as demand from both UAE-based and international places assets purchasers grows. In particular, selling fees are likely to grow in high-end rental and villa neighborhoods, while the condo market, which has benefitted renters in the past, will begin to favor landlords in 2022.According to Prathyusha Gurrapu, head of research and consulting at CORE, the key driving elements behind the Dubai real estate market expansion are green pandemic response, LTV reduction, and business resilience, amongst other successful authorities.
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