The Dubai Land Department (DLD) unveiled a new ‘instant sale’ feature on Monday that uses smart evaluation in real estate transactions without the need for audits.
The feature includes sales operations for real estate units, whether apartments or villas, located in free-hold areas through Real Estate Registration Trustees (RURT).
The aim is to simplify procedures and improve the experience of DLD’s customers by ensuring the presence of all parties at the real estate registration trustee office to sign contracts.
The prices of the transactions are confirmed through the smart valuation process of real estate units, and this is followed by the completion of payment of fees and the issuance of the new title deed within a few minutes.
Sultan Butti Bin Mejren, Director General of DLD, said: “Dubai’s real estate sector witnessed a distinguished performance and exceptional growth after Dubai’s annual real estate transactions cross half a trillion dirhams for the first time in 2022.
“This new project will be a strong motivation for the real estate sector to maintain this exceptional growth and achieve an outstanding record in the number of sales transactions during the coming stages.
Majid Al Marri, CEO of Real Estate Registration sector, said: “DLD seeks to provide the best and most harmonious services with the latest relevant global practices, and the launch of the instant sale feature would contribute to a smooth implementation of all real estate transactions procedures in the real estate registration sector, as well as its role in consolidating our services, where Dubai’s real estate registration is one of the top 10 of the World Bank’s Ease of Doing Business Index, while the emirate is one of the leading cities around the world in adopting the feature of registration of transactions remotely.”
The smart evaluation process depends on artificial intelligence in evaluating real estate units, which helped reduce the implementation of the evaluation service to 15 seconds.