Dubai Land Department (DLD) plays an important role in regulating and supervising real estate sector in Dubai. The DLD, since its establishment in the year 1960, has transformed into a major influencer of this segment within the entire city. This blog post will discuss what the department is mandated to do.
Real Estate Transactions Registration
This is one of the key functions performed by DLD which provides for registering all real estate transactions held in Dubai. It includes buying, selling, renting and transferring properties. By so doing, DLD introduces transparency into property market thus safeguarding buyers’ and sellers’ rights.
Regulation of the Real Estate Market
Enforcement of rules guiding real estate market operations in Dubai forms part of DLD’s responsibility as well. It entails prescribing guidelines to be followed by developers, brokers and other types of industry operators while observing compliance with laws and regulations as well. The agency also continuously monitors changes in trends existing within markets so as to understand emerging dangers or opportunities facing it.
Issuance of Real Estate Licenses
For one to work in the real estate field within Dubai, he or she should have obtained licenses from DLD; such professionals include developers, brokers, property managers etc.. The requirements put by DLD for one to acquire these licenses are provided together with conducting regular inspections to ensure adherence to ordinances.
Management of Escrow Accounts
Among others functions that exist at DLD level include managing escrow accounts relating to land projects being implemented in Dubai city such that developers are supposed to deposit funds there until completion whereby any payment made by a customer are safe guarded till then.. The department watches over these accounts for any misuse keeping buyer safe.
Promotion of Real Estate Investments
Besides performing regulatory roles, DLD also promotes investments on residential units within Dubai including focusing on events related conferences among others which are aimed at attracting the investors and showcasing its property market. Furthermore, DLD is making the property sector more transparent and efficient in order to make Dubai an attractive global destination for real estate business.
In summary, Dubai Land Department which is responsible for the regulatory oversight of real estate industry in Dubai. Also, it helps to create a stable market environment that would attract both buyers and sellers by promoting compliance with regulations through transparency and accountability.
