A robust real estate sector is important for any country since it attracts new investments and plays a key role in shaping cities designed with forethought. In the absence of transparency, the sector, however, can throw up fake progress. Dubai’s political leadership understands the importance of a transparent real estate sector which is why it is deploying emerging technology tools so that investors can make informed and smart decisions.
Sultan Butti Bin Mejren, Director General, Dubai Land Department (DLD) says that his department is driven by the vision of positioning Dubai as the world’s premier real estate destination by infusing values and systems. “Our aim is to provide smart and advanced real estate solutions,” notes Bin Mejren, commenting on the recent MoUs signed by DLD with Bayut, DXBinteract.com and Property Finder which provides authentic data and interactive reports.
The interactive data will provide a clear and comprehensive picture of the real estate sector in the emirate to investors seeking analytical insight into vital market information whether they want to buy, sell or invest. “Besides being sharp, the information is oriented towards consumer protection. By providing reliable data, we want to provide customers with a secure real estate environment,” says Majida Ali Rashid, CEO, Real Estate Promotion Investment and Management Sector at DLD.
It means that by virtue of these MoUs, investors now will have access to qualitative, private and interactive data on real estate prices by region. They would also be able to keep track of various changes happening in the sector including changes in prices. These MoUs, adds Bin Mejren, are aimed at consolidating the emirate’s position on the global real estate market. “We want to raise investors’ trust level and build the best economy in the world. These MoUs help in that,” he elaborates.
Haider Ali Khan, CEO, Bayut & Dubizzle is confident about providing property seekers with better browsing experience through seamless, reliable, and data-backed journey while Firas Al-Msaddi, CEO of Oratec that developed DXBinteractive.com says that the site provides all interactive private data for real estate prices by region and real estate construction. “Our analysis takes place in real time just like the stock market and stock exchanges. DLD can also view real estate investors’ profiles,” he informs.
Michael Lahyani, Founder and CEO, Property Finder, claims that the company has access to the largest set of proprietary data on asking prices and other metrics that give a larger picture of the real estate sector. Partnership with DLD will increase transparency levels and boost Dubai’s property market further, he enthuses. Dubai’s real estate sector, interestingly, has made a strong comeback notwithstanding the pandemic which left every conceivable sector in total disarray.
Going by the latest statistics, Dubai’s real estate sector this year recorded the best January ever on record as it pulled off 5,797 transactions worth Dh.16.69 billion. Compared to the January 2021 figures, there has been an increase in the number of transactions and value by 74.56 per cent and 145.31 per cent respectively. Lynnette Sacchetto, Director, Research and Data, Property Finder believes Dubai real estate sector would continue an upward trajectory.
Industry experts note that the positive market vibe coupled with DLD’s latest efforts would put Dubai as a global destination for those seeking to invest in property. “Dubai is home to the most dynamic and growing markets in the world. It is a testament to the strength and resilience of the UAE as a nation,” says Mohamed Alabbar, Founder, Emaar Properties. That explains how Dubai’s real estate sector has evolved over the years on par with global standards.
Disclaimer: This article is a part of featured content series on Business in Dubai