· The Department's role is important in the real estate equation to ensure the optimal organisation based on the era's latest technologies
Dubai, United Arab Emirates, 1st October 2018: The 17th edition of Cityscape Global 2018, organised by Informa Exhibitions in a strategic partnership with Dubai Land Department (DLD), launched today and will run for three days from 2nd – 4th October at the Dubai World Trade Centre (DWTC). The global exhibition will witness the participation of leading international real estate developers and will offer a platform to showcase a variety of real estate projects.
At its unique platform (7A10), DLD is participating under the slogan 'Dubai Land Department…simulating your property with artificial intelligence,' highlighting its smart achievements that include many smart applications and modern solutions.
HE Sultan Butti bin Mejren, Director General of DLD, commented: "We sought this participation and at this exhibition to inform our visitors of our latest technologies that contribute to the comfort of all investors and customers in the Dubai real estate market. As investor happiness is our top priority, we have provided access for them to real estate developers with projects in Dubai."
During the panel discussion 'Making the UAE the happiest (real estate) place on Earth', HE Marwan bin Ghalita, CEO of RERA, stressed that DLD and its institutions are eager to establish confidence in the Dubai real estate market. In a survey conducted by DLD, it was witnessed that 90% of investors were happy with Dubai as a destination for their investments, while 'Mystery shopper' registered happiness among 97% of investors with a recorded 9,500 — 6,500 males and 3,000 females — new investors having entered the real estate market in eight months.
Bin Ghalita added: "Over the past five years, the UAE, Saudi Arabia, the UK, India, and Pakistan have topped the list of nationalities investing the most in Dubai, with Chinese investors recently having joined the list. Dubai is a home for investors from more than 200 nationalities who live happily and contribute to our country's growth."
Studies conducted by DLD show that real estate developers play a key role in providing opportunities to investors. As stated in Bin Ghalita's comment, DLD ensures its role in the real estate equation, organising the real estate market by creating regulations and legislation that protect the rights of all parties via the opening of escrows accounts with 50% - 70% of a project's value as a deposit.
During the panel discussion taking place concurrently with the Cityscape Global 2018 conference, Khalifa Al Zeraim Al Suwaidi, CEO of ERES – Dubai Land Department, highlighted DLD's key technologies used and how they will contribute to a quantum leap in the real estate industry. Al Suwaidi underpinned the latest technologies employed by DLD to improve the real estate sector and transform it into a global level, and added: "Last year, we announced our adoption of blockchain, artificial intelligence and technology solutions that will serve the real estate market in executing all kinds of transactions quickly, safely and effectively within the transparent network's parties and participants."
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