Wednesday 26 July 2017 - 6:55 am

Sat 15-07-2017 17:10 PM

Real Estate Registration Trustees Offices in Dubai save AED45 mn annually

DUBAI, 15th July, 2017 (WAM) -- The launch of the Real Estate Registration Trustees Offices has helped the Dubai Land Department, DLD, save approximately AED45 million annually through 18 offices across Dubai, said Saad Abdulla Al Hammadi, Director of Finance and Administrative Affairs at the DLD.

The Real Estate Registration Trustees Offices are playing an important role in fulfilling the department’s vision of making Dubai the world’s premier real estate destination and a byword for innovation, trust and happiness. The DLD has also confirmed that the offices contribute to an increased total yearly revenue through significant savings.

"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 success of this experiment is clear and the service is increasingly popular with customers as it provides them with convenient services of the highest global standards," he noted.

Al Hammadi added that the Registration Trustees Offices rely on national staff, with the offices bearing all direct and indirect costs to office owners. 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.

One of the most important features of the offices is that they provide customers with services outside of the DLD’s official working hours, which ensures greater flexibility for clients and allows them to complete their transactions more conveniently.

"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 the DLD’s working hours and business days," said Saeed Al-Khussaibi, Director of Monitoring at the Real Estate Registration Department.

"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 the DLD’s headquarters," he added.

Al-Khussaibi highlighted that the most important benefit achieved by the system has been raising the quality of the DLD’s services by allowing customers to manage essential real estate procedures both outside working hours and in multiple locations across Dubai. As a result, the system has also helped to reduce the burden on the department’s staff and accelerate the speed of transactions.

The system provides registration services for sales, mortgages and tenancy agreements concluding with acquisitions, alongside a range of other department procedures. The registration trustee simply enters the procedure data, issues the initial contracts, and then sends the procedure to the DLD with the required documents.

With the aim of ensuring the highest level of accuracy, the procedures are checked against the DLD regulations before approved contracts are issued and delivered to investors by courier services within 48 hours of receiving the transaction. This removes the need for investors to follow-up with the department and has created a seamless and highly efficient system.

 

WAM/Tariq alfaham