Dubai is a city that has signaled it welcomes explosive growth. At the start of 2023, UAE leadership said Dubai’s goal would be to double its economy’s size over the next decade and ultimately become one of the top three global economies. With that in mind, in recent years, numerous reforms have been rolled out that make Dubai appealing to foreign and international companies regarding investing and living.
Tax residency in Dubai is also drawing in people from around the world. There’s no personal income tax in Dubai, but you can only obtain a tax residency certificate if you can show you lived in the city for more than 183 days during a tax year.
Now, something else will be alluring to people hoping to make Dubai their home or a place to invest, and that’s the instant sale feature just announced by the Dubai Land Department.
What Is An Instant Sale?
The instant sale feature means that real estate units, including apartments and villas, can go through the transaction process without previously required audits. The feature will include any real estate unit in a free-hold area as part of the Real Estate Registration Trustees (RURT). Free-hold areas are the parts of the city where foreign investors are permitted to own property.
The Director General of the DLD, Sultan Butti Bin Mejren, said that the real estate sector in Dubai had experienced tremendous growth and exceptional performance, with the annual real estate transactions exceeding half a trillion dirhams for the first time in 2022. He said that the new project would be a major motivator for the real estate sector to continue to grow and see a record number of real estate transactions going forward.
The general objective of the instant sale feature is smoother procedures surrounding real estate transactions.
The instant sale feature relies on using artificial intelligence to evaluate real estate units, which can reduce evaluations to 15 seconds.
Improving the efficiency and simplicity of real estate transactions is part of Dubai Economic Agenda D33, which aims to make the city the best in the world for both living and working.
The AI-driven smart valuation process will mean that once the fees are paid out, a new title deed can be issued within a few minutes.
Foreign Investors Continue to Drive Dubai’s Real Estate Boom
While much of the world’s major economies are struggling in 2023, Dubai seems to be avoiding this trend. In 2022, there were more than 97,000 property transactions. While the global economic outlook is shaky at best for the rest of this year and potentially into 2024, high-net-worth individuals continue to boost Dubai’s luxury market with their investments.
The real estate market has been maturing in Dubai, lending to the growing demand for all types of properties, including apartments, townhouses, and villas.
The instant sale feature is just one of the more recent changes in Dubai that makes it easier to buy property, including as a foreigner, which is important considering more than 70% of the population is an expat.
If someone wants to sell property in Dubai or buy it, the instant sale feature will be beneficial. With this new feature, it overall requires less effort and time to go through the process of completing a transaction. It increases security and transparency in the real estate industry because all the transactions are completed on the DLD official website. All transactions remain subject to high standards and strict regulations.
The instant sale feature is welcomed by developers and buyers alike because it’s a way to improve investor confidence. It’s also going to be easier for foreign buyers to participate in what’s perhaps the world’s most in-demand market.
Once a buyer decides on a property, smart evaluation technology is utilized to confirm the price. The valuation of the property is accurate and is based on current market conditions.
After a price is agreed upon, the buyer and seller can finish the transaction steps online using the official DLD website. Then, they go to the real estate registration trustee’s office, where they sign the contracts and close out the transaction.
There’s no longer a requirement for traditional valuations of properties.
If you’re ready to explore the high-end properties available in Dubai of all types, whether you hope to make this your home or you want a strong investment, contact Chelsea International Properties today. We can make sure you find the perfect property for your needs.