In recent years, Dubai, the most populous city in the United Arab Emirates (UAE), has become a popular tourist and expat destination. Its strategic location at the crossroads of Europe, Asia, and Africa, its modern infrastructure, world-class amenities, and unrivaled shopping and entertainment options, make it an ideal place to visit or live.
The city has invested heavily in its infrastructure and transportation network, with modern airports, a world-class metro system, and numerous highways connecting its various parts.
With the government launching several initiatives to encourage foreign investment in the real estate sector, it is now easier than ever to buy property in Dubai. These include long-term residency visas for real estate investors and lower property registration fees.
Smart Evaluation Technology Simplifies Transactions
The Dubai Land Department’s (DLD) new instant sale feature has made it easier than ever to buy property in Dubai. This new feature was introduced by the DLD in May 2020 as part of its ongoing efforts to improve the customer experience and simplify the property registration process.
Buyers can complete the entire property transaction process online, from selecting the property to paying the deposit and registering the property with the DLD, thanks to the instant sale feature. The feature is accessible 24/7 via the DLD’s official website, allowing buyers to complete transactions at any time from anywhere in the world.
This new feature has streamlined the property purchasing process, requiring less time and effort to complete a property transaction. It has also increased transparency and security in the real estate market because all transactions are conducted via the DLD’s official website and are subject to strict regulations and standards.
The instant sale feature has been well received by both buyers and developers in Dubai, as it has contributed to increased sales and investor confidence in the real estate market. It has also aided in attracting more foreign investment to the city, as the streamlined purchasing process makes it easier for foreign buyers to invest in Dubai’s thriving property market.
The DLD’s introduction of the instant sale feature has been a significant development for the Dubai real estate industry, and it is expected to continue driving growth and investment in the coming years.
The instant sale feature uses smart evaluation technology to simplify the real estate transaction process. This technology eliminates the need for time-consuming and costly traditional property valuations.
The instant sale feature is currently available for freehold apartments and villas in Dubai. When a buyer decides on a property to buy, smart evaluation technology is used to confirm the price. This process only takes a few minutes and provides an accurate valuation of the property based on current market conditions.
Once the price has been agreed upon, the buyer and seller can finalize the transaction online via the DLD’s official website. The parties then go to the real estate registration trustee’s office to sign contracts, bringing the transaction to a close. The procedure ensures that all parties are present at the trustee’s office, lowering the risk of fraud and ensuring a smooth transaction.
A new title deed can be issued once the payment fees are completed. From property selection to title deed issuance, the entire process can be completed in a matter of minutes, making it faster and more convenient for buyers and sellers.
In overview, the DLD’s instant sale feature employs smart evaluation technology to streamline the real estate transaction process, making it faster and more convenient for both buyers and sellers. Traditional property valuations are no longer required, and the entire process can be completed online via the DLD’s website.
The Dubai Land Department (DLD) introduced the instant sale feature in response to the overall growth of the real estate industry in Dubai. Annual real estate transactions in Dubai will exceed half a trillion dirhams in 2022, indicating strong demand for properties in the city.
The DLD launched the instant sale feature in May 2020 in response to this growth and to further modernize the property buying process. Smart evaluation technology is used in this feature to simplify the transaction process, making it faster and more convenient for buyers and sellers.
The instant sale feature is part of the DLD’s ongoing efforts to improve the customer experience and streamline the property registration process. The DLD hopes to attract more foreign investment to Dubai’s real estate market and cement its position as a leading global destination for property investment by introducing innovative solutions such as smart evaluation technology.
The HSBC survey, which ranked the UAE as the top expat destination, emphasizes the overall appeal of Dubai’s real estate market to international buyers. The instant sale feature is expected to boost interest in Dubai’s real estate market and encourage more foreign investment in the coming years.