Dubai Land Department Wins at Real Estate Asia Awards 2024

Dubai Land Department (DLD) has achieved a great deal of recognition at the Real Estate Asia Awards 2024 in which they won Customer Service Innovation of the Year title. This achievement confirms DLD’s vision of using cutting edge technology to upgrade the real estate services in Dubai.

Innovation in Real Estate Services

The award was conferred in the wake of DLD’s innovative AI based Smart Valuation System innovation that has accelerated the area of property valuation. Using machine learning algorithms, this system is capable of valuing properties accurately from a vast transactional database and features of properties in a few seconds. This innovative approach greatly diminishes the amount of time taken in valuations right from several days to a few seconds and diminishing the ratios by about 40% in the costs incurred.

Commitment to Excellence

The Director General of DLD His Excellency Sultan Butti Bin Mejren said this was a source of pride for the organisation arguing that DLD remained committed to innovation and meeting customer needs. He added that the Smart Valuation System is a proof of DLD’s mission of delivering convenient real estate services through innovation.

Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, said that through implementation of the system it is now becoming difficult for the speculators to manipulate the prices of the properties. The system endeavors to maintain an international valuation standard with the ability to value properties with a success rate of 99 % an aspect that is way better than the international status of the AI use in real estate.

Strategic Partnerships and Future Initiatives

Besides technological innovation, the management of DLD is in the process of seeking more synergistic relationships to consolidate the position of Dubai’s real estate market. In the last few months, in line with Dubai Economic Agenda D33, DLD launched the Real Estate Evolution Space Initiative (REES). This initiative is to create innovation in real estate technology where we involve key stakeholders like thought leaders and partners as well as professionals.

In addition, DLD has created partnerships with leading real estate developers to the Dubai Real Estate Programme, focusing on the advancement of Emirati talent in property industry. This initiative aims at partnerships with these top investors including Emaar Properties, DAMAC, and Azizi Developments, with an aim on the increase of competitiveness and promotion of participation by Emiratis in the real estate operations.

It has been found out that Dubai has been able to record impressive performances and growth in it real estate sector. The market sales transactions of both new and old players have grown to 37,154 transactions which is 20% year-on-year up in the first quarter of 2024. The overall value of these transactions stood at AED 109bn. 85 billion, or 23% increase when compared to the previous year. 3% increase in the usage compared to the previous one whereas the industry as a whole has grown by of 3% for the same period.

This is due to the improved market conditions by both the off-plan and the existing properties markets probabilities. Off-plan sales transactions were down by 28 percent. A 6% year on year growth showing that there is continued demand for new properties in Dubai​.

Recently awarded titles and plans of the Dubai Land Department show that it remains an innovator and leader of great performance in the sphere of real estate. The directed advancements of technology and also the corporate affiliations fortify DLD to support the future development of the unstable real estate market of Dubai, accordingly.

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