Tuesday, February 20, 2024

2023..is an exceptional year for the real estate sector in Dubai

Date:

The real estate sector in Dubai continued its growth momentum in 2023, recording unprecedented record levels in terms of real estate sales, which approached 400 billion dirhams year-to-date, confirming Dubai's position as the best real estate market in the region. And globally.

Throughout the year, the sector was able to assert its ability to generate attractive opportunities for investors, despite rising prices amid demand for all real estate categories, especially luxury real estate. Transactions rose to more than 393 billion dirhams, the highest level recorded in the history of the market, after processing more than 127 thousand transactions, and in the week remaining until the end of the year, it is expected to exceed 400 billion dirhams. In February 2023, the Dubai Land Department, represented by the Real Estate Regulatory Agency, concluded a memorandum of understanding with “Amin Seva” to increase confidence in the real estate industry in the emirate and to improve aspects of cooperation between the two parties. By providing a safe and secure investment environment, including improving digital solutions and improving quality across the secure real estate equation, and the administration of an integrated real estate system, security and saving time, effort and money. Life and infrastructure pathway.

“Guarantee” application

The Real Estate Regulatory Authority has issued a circular confirming the launch of a new “Guarantee” electronic service within the “Trakheesi” system, which consists of issuing a Quick Response Code (QR Code) that allows any real estate advertisement to be submitted through the system. , as part of its efforts to improve and modernize administrative procedures with the aim of managing real estate advertisements, increase real estate and investor confidence.

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Investment funds

The Department announced that it will launch and open the Real Estate Investment Funds Registry, and after designing and upgrading the electronic registry and training service centers, it will begin attracting local and international real estate investment funds to receive registration requests.

The first digital rental system

In July, Dubai created a new judicial system, the world's first to use artificial intelligence in litigation, where the program reads and analyzes input data and issues judgments without human intervention. Approves a first phase and award, then the project sends the disputing parties to arbitration.

Virtual court

In October, the Dubai Land Department's Tenancy Dispute Center launched a virtual court using Metaverse technology, the first virtual platform to manage real estate litigation sessions remotely using Metaverse technology. It was created with the aim of creating a unique and innovative way. Deal with rental disputes and provide a fresh experience for all parties involved.

Tender Service

In line with the sector's strategy to provide efficient real estate services with an integrated digital infrastructure, the Real Estate Regulatory Authority launched the “Tenders” service in October as a pioneering step to support transformation efforts in the real estate sector. The association aims to regulate the process of submission of tenders in all matters related to service and maintenance charges, promoting transparency and providing best quality services at appropriate and competitive prices in the real estate sector.

The “Tenders” service, which is part of the “Malak” system, an integrated system for managing shared properties in Dubai, contributes to facilitating and simplifying the process of submitting bids by connecting joint real estate management companies with service providers. Supervision and Regulation of Real Estate Regulatory Agency.

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“Dubai Vacation”

In mid-December, the department announced the launch of an updated and improved version of the “Dubai Rest” application, a smart platform for real estate services, which allows all real estate services to be implemented by property owners, tenants, and real estate brokers. , developers, residents, investors and all types who benefit from the real estate market.

The new update brings a number of improvements and features that improve the user experience and make processes and procedures simpler and easier to implement.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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