The Dubai Land Department (DLD) has saved around AED45 million ($12.2 million) since the launch of its new Real Estate Registration Trustees Offices to register sales, mortgages and tenancy agreements, it said in a statement.
The 18 pilot offices across the emirate helped DLD to make substantial annual savings in 2016, it said, adding that the cost of sales services has been reduced by 53 percent, while mortgage services and the mortgage clearance service now cost 67 percent and 78 percent less, respectively.
The offices represented around 23 percent of the department’s total revenues in 2015 and this figure increased to a record 33 percent in 2016.
The Real Estate Registration Trustees Offices system provides registration services for sales, mortgages, tenancy agreements concluding with acquisitions, plus a range of other DLD procedures.
The Registration Trustee enters process data, issues initial contracts and then sends the entry to DLD along with the required documents, which are then checked against DLD regulations before the final approved contracts are issued.
Under the system, documents are issued and delivered to investors by courier service within 48 hours of logging the transaction – removing the need for investors to follow up with DLD over days or weeks.
The offices provide customer service outside of DLD’s official working hours, providing greater flexibility and removing the burden on DLD staff.
Saeed Al Khussaibi, director of monitoring at the Real Estate Registration Department, said: “The aim of launching the Registration Trustees Offices was to introduce a system that allows numerous offices in Dubai to register real estate transactions through multiple branches that operate outside of DLD’s working hours and business days.”
“The system has already helped to provide real estate registration services on a significantly wider scale in the Emirate of Dubai. It has also contributed to increasing the speed and effectiveness of investor procedures by removing the need for them to book appointments and wait at DLD’s headquarters.”For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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