Real estate experts described the recent circular of the Dubai Land Department – regarding the necessity of real estate companies’ commitment not to announce any real estate transaction through the media before it is officially registered in the department’s system, and to consider any announcement published before completing the registration process as a violation of the laws and regulations – as a correct decision and in the interest of It protects the transparency of the real estate market, protects the contractual stakeholders, and confirms that there is oversight and regulation by the Land Department over real estate transactions.
They stressed to Emirates Today the importance of obtaining news from official websites, channels, and government agencies concerned with the sector, pointing out that the real estate market in Dubai is one of the fastest developing and growing global markets, and is the focus of attention of all investors from around the world, and therefore it is important that news and data be Issued by the market, especially transaction prices, are correct, because they are the basis for making the investor’s investment decision when calculating alternative opportunities in a real estate market in another country.
They explained that there are many real estate deals that do not take place for several reasons, even after signing contracts and agreeing between the two parties, including the buyer or seller retracting the agreement, not obtaining bank approval for financing, or not meeting the terms of the agreement between the two parties, in addition to other reasons that may lead to To cancel the deal at the last minute.
Enhance credibility
In detail, the Chairman of the Board of Directors of “On Plan Real Estate Company”, Ahmed Al-Dawla, described the recent circular of the Dubai Land Department, prohibiting the announcement of real estate transactions until they are registered in the department’s records, as “an excellent matter,” and said: “This codifies information.” Exaggerated and incorrect information related to the real estate sector,” stressing the importance of having a concerned party to verify the value of the real estate transaction, and that there should not be any exaggeration in terms of pricing, in addition to the clarity of the buying and selling process for the recipient, as it is possible, for example, to A deal is announced for 100 million dirhams, and its value does not exceed 70 million, so news must be obtained from official websites, channels, and competent government agencies. The state added: “This legalization enhances the credibility of the real estate market in general, and also shows that (Dubai Land) is doing its job to the fullest extent.” To support the real estate market and provide information to everyone.”
Data and investment
For his part, real estate expert, Hussein Al-Marsoumi, said: “The real estate market in Dubai is one of the fastest developing and growing global markets, and it is the focus of attention of investors from all over the world. Therefore, it is important that the news and data issued by the market, especially deal prices, are correct. Because it is the basis for making the investor’s investment decision when calculating alternative opportunities in another real estate market in another country,” he added, “If those real estate deals actually took place and were registered with the Land Department, it gives the market more credibility. It encourages investors to make an investment decision according to accurate data on real estate unit prices.”
Companies accelerate
In the same context, the General Manager of Awad Gargash Real Estate Company, Raad Ramadan, said: “The Dubai Land Department’s circular prohibiting the announcement of real estate deals until they are registered has two parts: the first relates to large deals, as most companies want to advertise.” About the deals, but some of them rush to announce in order to prove themselves in the market, and as for the second part, it is represented by some companies announcing incomplete deals, or deals that were not actually completed,” agreeing that the decision Dubai Land Department’s policy of documenting and registering deals before announcing them is correct, and is in the interest of both the owner and the market, and it is also a positive decision for the real estate market in Dubai in general.
Prevent manipulation
For his part, real estate marketing expert, Alaa Masoud, considered Dubai Land Department’s decision to be among the best decisions taken by the department, pointing out what he described as the “manipulation” of some real estate brokers in sales operations and advertising them in an incorrect manner. Masoud said: “The decision “It is correct and appropriate, and reflects the credibility of the real estate market in Dubai, and confirms that there is oversight and regulation by the Land Department over real real estate transactions in the emirate, as the issue reflects the image of our real estate market in the world.” He stressed that the process of organizing the announcement of such huge deals gives them credibility and enhances the attractiveness of the real estate market to foreign investors.
Reality is better
In addition, the CEO of Harbor Real Estate Company, Dr. Muhannad Al-Wadiya, said: “We must work in accordance with the Real Estate Regulatory Authority, whose role is to regulate real estate, and its officials have a point of view, which is to preserve the market in a way that enjoys real transparency.”
Al-Wadiya added: “Until the property is registered in the Dubai Land Department’s registry, the deal may change,” stressing that he supports the decision of the Dubai Land Department so that everything is documented and realistic, and no false news comes out about the real estate market.
Regulated market
As for the CEO of Malak Real Estate Company, Tariq Ramadan, he said: “From the standpoint of transparency, the real estate market in Dubai is organized at the highest standards. Therefore, it is best not to announce any large real estate deals until the deal is registered with the Land Department and completed.” ».
He added: “There are many real estate deals that do not take place for many reasons, even after signing contracts and agreeing between the two parties. These reasons include the buyer or seller retracting the agreement, not obtaining bank approval for financing, or not fulfilling the conditions of the agreement between the two parties. There are also There are many reasons that could lead to the deal being canceled at the last minute, even after signing the contracts and before registering them with the Land Department.”
Ramadan explained that solving these problems between the two parties in the event of canceling the contract is another possible issue, stressing the importance of not announcing large real estate deals until they are registered with the Land Department.
“Announcing the deal” before documentation is a violation
The Dubai Land Department issued a circular stipulating the necessity of committing not to announce any real estate transaction through the media before it is officially registered in the Department and Property system, considering that any announcement published before completing the registration process is a violation of the laws and regulations.
She stressed that the Real Estate Regulatory Authority (RERA) will take the necessary measures to preserve the rights of all parties and ensure that real estate operations are conducted according to the highest standards.
Al Hammadi: Protecting the market and indicators approved in the sector
The founder and CEO of Al-Rowad Real Estate Company, which specializes in real estate consulting and marketing, Ismail Al-Hammadi, said: “In recent times, we have noticed many media news about the completion of sale or rental deals with imaginary numbers concluded by some companies in the market, and this in itself is considered by any follower of real estate news. There is an achievement in Dubai that deserves to be announced and published as media news, but is it considered official news?
Al-Hammadi considered the announcement of the deal to be official news if it was registered in the official records documenting real estate transactions approved by the Land Department. If it is not, it will not be considered official. On the contrary, it harms the market more than it benefits it. Al-Hammadi stressed that the circular was not issued to prevent the publication of the achievements of real estate companies. Rather, to protect confidence in the market and consolidate the credibility of the official channels for real estate deals in Dubai.
He continued: “Publishing news about the sale of a real estate unit, land, or something for a huge value may arouse the curiosity of some of them, so they resort to official records to find out the type and location of the deal. If it has not yet been registered, given that the process of registering sales requires a specific time, Here, the credibility of these records may be undermined, and confidence in the market in general may be shaken, in addition to harming the credibility of the official indicators approved in the sector.
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