The Dubai Land Department (DLD) announced the launch of eMart on Monday – an online portal for the auction, sale and rental of real estate properties.
According to DLD, eMart is a “convenient exchange centre for private and public real estate information that guarantees transparency and credibility in all data.”
The emirates real estate watchdog said eMart will support stakeholders across the real estate industry through the provision of online services whilst creating options for investors outside Dubai.
“We now have a system that, with complete transparency and full credibility gives tenants, owners, and brokers full operational efficiency and reliability in a way that we have not had before, a way that will help boost the local real estate market significantly,” said Sultan Butti Bin Mejren, director general of DLD.
Bin Mejren said that DLD is working to develop a comprehensive action plan for the establishment of a real estate climate that is safe and stable.
“eMart will also contribute to the attraction of more foreign investment, thus transforming Dubai into a global real estate destination through the provision of a full range of facilities and services that emphasise transparency and ensure the rights of all parties.”
Dubai’s real estate sector has been on a strong recovery path this year after a lull in investment activity in the previous three years.
The steep rise in Dubai’s property prices has resurrected fears of a property bubble repeating itself. But the government has underlined that the emirate’s property market has strong fundamentals insulating it from another crash.
The government has also taken various steps to fend off unhealthy real estate practices by doubling the property transfer fee and bringing into effect mortgage caps on home loans.