All about DLD’s smart evaluation ‘Instant Sale’ feature
Thanks to a growing economy, Dubai is witnessing a tremendous boom in the real estate industry. Local and foreign investments are pouring in, resulting in increased demand for properties. To streamline real estate transactions by eliminating the need for audits, DLD introduced the smart evaluation ‘Instant Sale’ feature.
What is the Instant Sale feature, and how does it change real estate transactions? Join us in finding the answer!
Dubai Economic Agenda D33
Dubai Economic Agenda D33 is a comprehensive plan launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, with the ambitious goal of doubling Dubai’s economy in the next decade.
The agenda focuses on:
- Economic growth: Increasing GDP, foreign trade and foreign direct investment.
- Innovation: Launching 100 transformative projects to drive innovation and economic diversification.
- Global leadership: Positioning Dubai as one of the top three global cities in various sectors.
- Quality of life: Enhancing the city’s attractiveness for residents and businesses.
By implementing this ambitious plan, Dubai aims to solidify its position as a global business and tourism hub while improving the overall quality of life. Instant Sale feature is one of the transformative projects that the emirate has introduced for easy real estate transactions.
Let’s have a look at what it does.
Smart Evaluation – Instant Sale feature by DLD
Dubai Land Department (DLD) launched the Instant Sale feature, a revolutionary service streamlining real estate transactions through smart evaluation technology. By eliminating the need for audits, this initiative aligns with Dubai’s Economic Agenda D33, accelerating the city’s position as a global business hub.
The smart evaluation Instant Sale feature in Dubai enables swift sales of apartments and villas in freehold areas of Dubai. Buyers and sellers can complete transactions, including contract signing, valuation, fee payment and title deed issuance, within minutes by gathering at a Real Estate Registration Trustee office.
This efficient process enhances customer experience and supports Dubai’s vision of becoming the world’s best city to live and work.
FAQs About Smart Evaluation Instant Sale Feature in Dubai
Why does DLD use smart contracts for property marketing and sales in Dubai?
Smart contracts are changing how properties are bought and sold in Dubai. They use blockchain technology to automate the entire process, from listing a property to completing the sale. This means less paperwork, fewer mistakes and faster deals. Everyone can see the property information, making it safer and easier to trust.
Within how many days should a real estate developer register the sale transaction in the Dubai Land Department?
Dubai Land Department (DLD) has directed property developers to pay property registration fees within 60 days after the buyer pays a 4% fee based on the property’s sale price. If the developer doesn’t pay the registration fee on time, he/she will be fined.
With this, we reach the end of our guide. To summarise, DLD launched the Instant Sale feature to facilitate real estate transactions as a part of the D33 reform.
Are you thinking of investing in property in Dubai? Learn more about how to buy real estate in Dubai.
If you are seriously considering investing in Dubai’s property but need some questions answered, check out our list of FAQs about buying a property in Dubai. We’re sure you’ll get satisfactory answers to your queries!
Have you always wanted to know the actual transactional price of properties in Dubai? The Dubai Transactions page allows you to understand the property market better using a detailed index of real estate transaction data from DLD.
Also, it could be helpful to read up on the new compliance required for property transactions across the UAE when investing or buying a property in Dubai.
For more information on new policies governing the real estate market in Dubai, stay tuned to MyBayut!
