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Dubai real estate sector now more transparent

Dubai Land Department (LD) on Monday launched a new online real estate portal, eMart, for the auction, sale, and rental of properties and an exchange centre to facilitate private and public real estate information.

The launch of the innovative initiative that guarantees transparency and credibility in all data in line with the vision of the Government of Dubai, coincided with the LD winning a coveted World Bank recognition on Monday.

The World Bank’s 2013 Doing Business Index has ranked the Land Department as the fourth best in the world for ease of real estate and property registration. The index also placed LD as being the best in the Arab world for its services. Twelve months ago, LD was placed at number 12 globally by the same index.

The ambitious eMart initiative seeks to support stakeholders across the real estate industry through the provision of premium online services and the facilitation of search operations for investors in Dubai, said Sultan Butti bin Mejren, Director-General of Dubai Land Department.

The portal also seeks to create a comprehensive set of globally outstanding options to attract real estate investors. “Today, Dubai Land Department has accomplished yet another milestone in pushing the real estate market forward, towards new heights, the benefits of which this city will sow in the near future and the longer term,” said Mejren in a statement.

He said with the launch of the new facility, LD has a system offering complete transparency and full credibility while giving tenants, owners and brokers full operational efficiency and reliability “in a way that we have not had before, a way that will help boost the local real estate market significantly”.

Mejren said the department is now working to develop a comprehensive action plan for the establishment of a real estate climate that is safe and stable and contributes to achieving the objectives of all parties involved in the sector. The move is aimed at attracting more foreign investment, “thus transforming Dubai into a global real estate destination through the provision of a full range of facilities and services that emphasise transparency and ensure the rights of all parties, working towards the Government of Dubai’s transition into a smart government”.

Sultan Al Akraf, Director of First Registration at Dubai Land Department, said the launch of operations through eMart would enhance the attractiveness of real estate investment in Dubai.

“It will have a major role in attracting more investments to the sector because transparency is the most prominent factor in any investment sector, and it is the foundation upon which eMart is built,” said Akraf.

The eMart enjoys the strong support of the Government of Dubai and the payment online gateway, Noqodi. Mejren said in the latest World Bank index, the LD has moved up eight rankings globally over the past 12 month “as a result of its hard work during the past few years to ensure customer satisfaction”.

“LD’s significant achievements relate to customers being able to quickly and easily complete property transactions. This ranking will greatly influence our operations moving forward,” he added.