The 'Trakheesi' system, which went live in January 2017, allows customers to obtain 15 types of permits quickly
Half a million real estate permits issued by DLD portal
The Dubai Land Department has issued nearly half a million real estate permits for property companies via its electronic portal, since the system's inception in January 2017.
The "Trakheesi" electronic system issues 15 types of approved real estate permits, including those required for outdoor and print advertisements and for organising real estate exhibitions, the DLD said in a statement on Saturday.
"It allows customers to obtain a wide range of permits to assist with their transactions in the highest degree of transparency, and in harmony with the regulations and legislations in this sector," said Ali Abdulla Al Ali, director of the real estate licensing department at the Real Estate Regulatory Agency.
The system issues permits for classified ads and billboards, which developers are required to obtain from Rera to organise project launches or promotional campaigns and to advertise or host real estate seminars in Dubai.
Analysts say the introduction of these permits - required for real estate adverts and exhibitions - has given added assurance to buyers that any properties they are considering are viable and the information advertised correct.
"It has cleaned up the real estate industry tremendously," said Mario Volpi, sales and leasing manager at Engel & Volkers. "It's a welcome change: it added transparency and a more professional way of working."
Trakheesi has speeded up the process of obtaining licenses, as it allows customers to complete the transaction online rather than refer to the DLD.
The UAE property market has suffered a slowdown amid the three-year oil slump, which led to cutbacks in government and consumer spending and slashed sales and rental prices. With the market forecast to decline further in 2018, the government has sought to encourage greater investment by removing bureaucracy.