Officials after signing the agreement.
In a first of its kind administrative alliance, the Department of Lands and Properties (DLP) has collaborated with DXBintereact.com to provide on-ground and real-time information on Dubai’s real estate (realty) sector.
The partnership is aligned with His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and the Ruler of Dubai’s, vision of Smart Dubai Government that inducts the latest technology and expertise to provide only the best of services.
The government-private partnership will closely work together on data collation and interactive reports to offer investors a transparent analysis of the real estate market and help facilitate decision-making when it comes to buying, selling, re-selling, renting and investing.
The agreement was signed in the esteemed presence of Sultan Butti Bin Majren, General Director at Dubai Land Department and Majida Ali Rashed, CEO Real Estate Investment Promotion and Management Sector, and Firas Al-Msaddi (CEO of Oratec, the developer of the website DXBinteract.com).
Speaking on the occasion, Sultan Butti Bin Majren said: “In line with the initiative of Sheikh Mohammed’s vision for digital transformation in governance, we sought to be an integral part of the Dubai Smart Government. This collaboration is a step towards the same as it provides real-time and accurate digitized information of the real estate market.”
“The collated information that’s characterised by credibility and transparency will encourage investors in the real estate sector to make informed decisions whether it’s buying, selling, or investing in properties.”
Majida Ali Rashed, CEO of Real Estate Investment Promotion and Management Sector commented: “This agreement comes within the framework of the plans provided by the Dubai Land Department to develop services for the benefit of external investors and investors within the country in a way that achieves the vision and mission of the department to provide a safe real estate environment. Investors dealing in the real estate sector will have access to accurate and transparent data and will be able to track real-time changes and developments according to the map to help immediately follow up on price changes.”
While contributing his views, Firas Al-Msaddi (CEO of Oratec, the developer of the website DXBinteract.com) said: “We are pleased to sign this agreement with the Dubai Land Department to provide an interactive environment for the first time in the Dubai real estate market through DXBinteract.com. This site contributes to providing all the interactive private data for real estate prices, supply and demand, rental market trends, projects construction progress across all free-hold communities in Dubai. The analysis takes place in real-time just like stock markets and stock exchanges.
Al-Msaddi further added: “The era of classic reports will end with the emergence of interactive reports that keep pace with the latest developments in the advanced real estate markets in the world. It will put Dubai on a new map and will increase the confidence of investors in dealing with real estate developers and determining their decisions correctly.”
“The hesitance to purchase, sell or invest that prevailed earlier will negate as the data in these interactive reports can be customed by investors to focus on their targeted segment or geographic location within the Dubai real estate market.”
“Investors can even directly track the real estate supply & demand trends and prices depending on what they want to know, such as defining the area, the project name, the type of property, the size range, the status of the property being ready or under construction.”
This tech advancement in the Department of Lands and Properties is set to bring about a revolutionary change in its governance. This unique association initiated by the Dubai Government is being hailed by the hierarchy in other administrative sectors as it marks a great boost to the government-private partnerships to enhance excellence in governance.
The application is replete with extremely user-friendly features and is dynamic in nature to implement programs automatically. Its integrated multi-user systems are interconnected to ensure smooth functioning and as secure as it relies on the latest technology to keep the user’s information safe. The interactive reports will change the ways of data perception as it no longer relies on redundant static data and upgrades continuously to provide only the latest information.
With high efficacy and filters for data management, the application delivers accurate information, flexibility, and ease in performing calculations and managing real estate. Moreover, it will be soon available on mobile app stores to download and use.