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DLD participates in ‘UAE Innovates 2022’ initiative

 In order to establish a culture of innovation and creativity among its customers and employees alike, as well as to introduce its most prominent services and integrated systems, Dubai Land Department (DLD) is participating in the activities of UAE Innovation Month ‘UAE Innovates 2022,’ the largest national event celebrating innovation and innovators across the country, taking place in Dubai from 22 – 28 February.

DLD seeks to register participation worthy of the level of the event, which aims to showcase future initiatives and innovations that support the directions of the UAE towards the next 50 years. DLD will highlight a number of its most innovative initiatives and creative services characterised by integration, transparency and clarity and that enjoy a great deal of confidence among customers, investors, and all concerned parties.

The initiatives and services that the DLD participates in on social media platforms include the Dubai RE-Tech platform, the real estate supply and demand project managed by artificial intelligence, and an initiative that supports Dubai Urban Plan 2040. The ‘Real Estate Development Guidebook’ is a documented reference for all real estate investors and developers that contributes to the development of the emirate’s real estate sector, a vital pillar of the national economy. The ‘ASK system’ is an integrated digital and innovative platform, launched in partnership with ‘Digit’, which works to raise institutional work efficiency, enabling employees to understand specialised daily work, data analysis and processing, and spreading awareness of and collecting innovative ideas. The Dubai REST application is the smart real estate platform through which all real estate services are performed by property owners, tenants, real estate brokers, real estate developers, real estate valuators, investors, and all categories benefiting from the real estate market.

His Excellency Sultan Butti bin Mejren, Director General of DLD said: “Dubai Land Department is committed to supporting the future directions of the wise leadership, which are included in the ‘Fifty Principles’ document, foremost of which comes to promoting a culture of creativity and innovation as well as digital, scientific and technical excellence in the country.” He added: “Our rich participation in the ‘UAE Innovates 2022’ initiative showcases our most important systems, procedures and smart and innovative services, which have contributed to achieving a positive impact on the real estate market in the emirate, in addition to enhancing the ease, flexibility and confidence that the investor and the customer are looking for alike.”

DLD launched two competitions for its employees and customers, in line with its keenness to promote a culture of community participation, emphasising the importance of enhancing human capital, building national capacities, and contributing to the consolidation of a culture of government innovation aimed at creating a comprehensive community movement. This was to provide an atmosphere conducive to innovation, enhance investor confidence, and consolidate the position of the real estate sector in Dubai, which is one of the most prominent real estate markets in the world.

DLD invites all its customers to follow its official page on Instagram and participate in the daily competitions for the duration of the activities of ‘UAE Innovates’ from 22 – 28 February for a chance to win a prize.

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Residential Sales Price index – FEB 2022

February 2022‭ ‬continues the strong‭, ‬upward trend in all aspects of real estate sales transactions‭, ‬with 6,357‭ ‬total sales transactions making it the highest February ever in terms of sales volumes worth AED 16.28M which is a 71‭ ‬percent increase in volume and 125‭ ‬percent increase in value year-on-year‭. ‬In February‭, ‬59.6‭ ‬percent of all transactions were for secondary/ready properties‭ ‬and 40.4‭ ‬percent were for off-plan properties‭. ‬When we look at the volume of sales transactions‭, ‬the off-plan market transacted‭ ‬2,571‭ ‬properties worth a total of AED 4.4‭ ‬billion‭. ‬The ready market transacted 3,786‭ ‬transactions worth AED 11.88‭ ‬billion‭. ‬

Comparing February 2022‭ ‬month-on-month to January 2022‭, ‬off-plan sales volume fell by 5‭ ‬percent and the value decreased by 17‭ ‬percent‭. ‬Secondary volume increased by more than 22‭ ‬percent and value increased by 4.63‭ ‬percent‭. ‬Looking at overall transactions‭, ‬total transaction volume increased by 9.75‭ ‬percent and value decreased by 2.29‭ ‬percent compared to January‭.‬

The current trends in the market continue to be dynamic‭, ‬month on month‭. ‬Overall sales transactions continue to rise and stay above the 6,000‭ ‬mark‭. ‬We have seen the secondary market increase consistently‭, ‬both in transaction value and volume which shows the strength.