The Dubai Land Department announces the start of the second phase of the real estate coding project this month
DUBAI, 9 February, 2018 (WAM) – The Dubai Land Department announced the launch of the second phase of the real estate coding project, marking the start of resale in the secondary market, starting from February 20, in a strategic step that reflects the project’s transition from its experimental phase to a more advanced operational phase within a regulated model that enhances the readiness of the real estate market for the future of investment based on advanced technologies.
This phase comes as a continuation of the experimental phase launched by the department last March as part of the “Reiss Real Estate Innovation” initiative, in cooperation with the Virtual Assets Regulatory Authority and a number of strategic partners, during which the regulatory, legislative and technical structure for real estate coding on title deeds was tested, which contributed to consolidating Dubai’s position as the first real estate registration authority in the region to adopt this model within a controlled regulatory environment.
The second phase focuses on activating resale in the secondary market by allowing the re-trading of about 7.8 million real estate tokens within a controlled experimental scope aimed at measuring the efficiency of market mechanisms, testing the readiness of operational systems, and enhancing levels of transparency and governance of operations in a way that protects investors’ rights and ensures the safety of transactions.
The department confirmed that the implementation of this stage is taking place according to a gradual approach based on practical evaluation of the results and in close coordination with the relevant regulatory authorities in preparation for making future decisions based on clear operational data in a way that ensures the model’s compatibility with the approved regulatory and legislative frameworks and enhances investor confidence locally and internationally.
The real estate coding project is one of the main enablers to achieve the goals of the Dubai Real Estate Sector Strategy 2033, which supports market balance, raises levels of transparency, enables technology, and increases the sector’s contribution to the gross domestic product. It is also consistent with UAE Vision 2071 and the Dubai Urban Plan 2040 by supporting smart and sustainable urban models and enhancing the efficiency of urban growth management.
The department confirmed the continued work with regulatory and technical partners to develop regulatory and technical standards for the next stages and study expanding the scope of participation in the future within a gradual framework subject to the necessary evaluation and approvals in order to enhance Dubai’s position as a leading global center for smart real estate investment.
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