Dubai’s Real Estate Market DLD Settles Over AED 1.38 Billion in Property Disputes
The Dubai Land Department (DLD) has also managed to solve 647 real estate cases amounting to over AED 1.38 billion in the first half of 2024. This was through the Oqoodi platform which supports and accelerates the signing of settlement agreements so that they are legally enforceable. The efficiency of the platform demonstrates the DLD’s dedication to ensuring a sound mechanism for addressing real estate conflicts and preserving investor trust.
Oqoodi platform has been useful in handling of the disputes since it has provided a secure and efficient way of documenting and approving the settlement agreements. These are advantages of the digital approach as it does not only cut down the time The DLD’s legal advisors are also involved in the settlement of these cases through negotiations that are made with a view of ensuring that the rights of the two parties involved are ascertain and protected.
The Dubai real estate market has been growing and is registering high volumes and values in the real estate transactions. The market has completed more than 36,000 transactions in the first quarter of the year 2024, which is 17% more than from the same period in the year 2023. Among them, the luxury property segment performed very well, with properties in Palm Jumeirah driving the market. This growth in the level of activity is an affirmation of the city’s competitiveness to investors within the local market and those from other countries.
This paper seeks to identify the possible measures that can be taken to address real estate related disputes in Dubai. Apart from the Oqoodi platform, the Legal Affairs Department of the DLD provides mediation for the amicable solution of disputes without using the court. This approach is popular because it is faster and cheaper. Also the Judicial Committee for Liquidation of stalled projects deals with legal matters concerning non Continued projects thus protecting the investors’ interest.
This paper also reveals that through adopting measures to address real estate disputes, Dubai has become an emerging global real estate market. The initiatives are evident through the Oqoodi platform of the DLD that shows its desire to ensure stability for investors. For further information, you can check the original report published on Arabian Business.
Due to the use of sophisticated technology and a suitable legal system, Dubai is still strengthening and improving its real estate market.