In order to maintain high standards of transparency in real estate data, procedures and systems, the Dubai Land Department (DLD) has signed a Memorandum of Understanding (MoU) with 3 companies focused on offering smart real estate solutions; Property Finder, Bayut and DXBinteract.com. The new agreement aims to enhance the process of digital transformation in Dubai, as well as to bolster the emirate’s position as a premier real estate destination worldwide, combining the latest innovations, the utmost transparency of information and transactions, and buyers’ satisfaction.

Following the MoU, the 3 above-mentioned companies are set to provide more detailed information on the Dubai real estate market in order to help property investors make a more informed decision, whether they are planning to acquire, sell or invest in a property. That being said, purchasers will be able to benefit from private and interactive information on property prices set by each region (both buying and selling), the stages of real estate construction and any other fluctuating data regarding the current condition of the real estate market. His Excellency Sultan bin Mejren, Director General of the DLD, commented on the newly signed MoU:

DLD is firmly committed to Dubai’s real estate market transparency and providing the most effective, smart and advanced real estate solutions, which contributes to raising the level of trust among investors and customers. These MoUs are part of our strategic goal and journey aimed at consolidating the emirate’s position on the global real estate market. They also contribute to building the best economy in the world, in line with the Year of the 50th charter recently announced by the wise leadership for the next 50 years.

The first similar agreement was signed back in 2019, between the DLD and the Property Finder portal, creating Dubai’s first official sales and rental price index; Mo’asher. Posted on a monthly basis on the websites of both entities, this index has significantly promoted the position of Dubai on the Global Real Estate Transparency Index by JLL, which ranks 99 countries and 163 cities worldwide. In fact, according to the 2020 report, Dubai took 36th place, climbing up 4 positions from the year before (2019)

It is also worth mentioning that in November, at Cityscape Global 2021, the DLD and JLL unveiled the first Dubai Commercial Property Price Index (CPPI), which is issued in both English and Arabic on a quarterly basis. CPPI enables institutions, agencies and investors to monitor the performance of the commercial real estate sector and to subsequently make a better investment decision based on the acquired analytical data.

According to the newly released Dubai Annual Market Update, 2021/2022 by CORE, Dubai real estate prices are expected to reach peak values which were only previously witnessed back in 2014, as demand pursues from both UAE-based and overseas property buyers. In particular, sale prices are set to thrive in upscale apartment and villa districts, whereas the rental market will start favouring landlords in 2022 after being strictly tenant-centric over the past years. As stated by Prathyusha Gurrapu, head of research and advisory at CORE, the main driving forces behind the Dubai real estate market growth are the efficient handling of the pandemic, the lowering of LTV’s and business resilience, among other successful government initiatives. Furthermore, during 2022, Dubai is expected to witness approximately 36,000 propertyhandovers, narrowing the gap between supply and demand.