New real estate 'instant sale feature' eliminates need for audit in Dubai
The new technology will make real estate transactions for foreign investors in Dubai more efficient…
Looking to buy a property in Dubai? In line with the Dubai Economic Agenda, D33, the Dubai Land Department (DLD) has launched the Instant Sale Feature which streamlines the process of real estate transactions in Dubai.
The Instant Sale Feature applies to real estate units, including apartments and villas, located in freehold areas (areas where foreign investors can own property in Dubai).
The smart valuation process will complete the audit and confirm the prices, allowing buyers to swiftly pay the fees and receive a new title deed within minutes.
In 2022 alone, annual real estate transactions crossed half a trillion dirhams for the first time.
Sultan Butti Bin Mejren, the director general of DLD noted that “Dubai’s real estate sector has had a distinguished performance with exceptional growth. This success is attributed to the wise leadership’s directives and great attention to the real estate sector as it is an essential pillar of sustainable development.”
“The best city in the world to live and work”
The D33 aims to position Dubai as the best city in the world to live and work. By 2033, Dubai aims to double the size of its economy, consolidating the emirate’s position among the top three global cities and the top four global financial centres.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai said that the D33 “includes 100 transformative projects, with economic targets of AED32 trillion dirhams over the next 10 years, doubling our foreign trade to reach AED25.6 trillion and adding 400 cities as key trading partners over the next decade”.