In a revolutionary effort to provide property seekers with data-driven, cutting edge solutions, the Dubai Land Department and Bayut have signed an Memorandum of Understanding (MoU), paving the way for a strategic partnership and bringing greater transparency to the UAE property market. In this article we take a look at the finer details of the groundbreaking MoU between DLD and Bayut.
WHAT WILL THE MOU BETWEEN DLD AND BAYUT DELIVER
The main purpose behind the MoU is to ensure data driven collaboration in the real estate sector based on combined knowledge and expertise. The partnership is in line with the Dubai 2040 Urban Master Plan that aims to make the emirate the world’s leading real estate destination, using data and PropTech expertise to improve the happiness levels and quality of life for the people.
With this partnership in place, stakeholders in the Dubai real estate sector will have access to data-backed products to help them make informed decisions when buying, renting, selling or leasing out properties in Dubai.
With the data sourced from the DLD, Bayut has already launched some industry-defining features that will add value and bring greater efficiency to the property search process. The new enhancement include:
- Property information straight from DLD
- Rental and sales transaction history of the property
- Building information from DLD
Let’s look at each of these in detail.
** These features are being rolled out in a phased manner and are currently available on select listings on Bayut.
Property Information from DLD
Following the MOU between DLD and Bayut, you can now access all property information sourced straight from the DLD for available listings on Bayut. From the developer and built-up area to handover date and freehold/non-freehold status – all the information related to the property you’re interested in is available in the Property Overview section of the listings.
Transaction History of the Property
Under the brand new, first-of-its-kind Property History section, property seekers can view all the historic rent and sale transactions pertaining to the property listings on Bayut. This transaction record will include price and ROI details for each property, which will bring greater cohesiveness to the decision making process of prospective buyers and tenants.
Sales transaction history for properties will include:
- Transaction type (Sale/Mortgage)
The rental transaction history will include:
- Contract Date
- Contract Value
**Disclaimer: In the first phase of the roll-out, these features are only available for properties which have been validated with the Checked badge on Bayut, which authenticates the documentation of the listing being advertised.
Building Information from DLD
DLD validated building information for property listings is also available for the advertised listings on Bayut. This customised section will include the prominent features and amenities available in the building, as recorded by the DLD .
HOW IS BAYUT CONTRIBUTING TO REVOLUTIONISING THE UAE REAL ESTATE SECTOR
Bayut has always been at the forefront of revolutionising the property market in Dubai and the UAE. With a series of remarkably advanced products and solutions, Bayut has helped property seekers across the country to overcome the various problems associated with the process of finding the right properties.
The most prominent example is TruCheckTM – the region’s strongest property authentication solution that facilitates greater transparency by displaying the actual availability of the listings and improves the overall search experience for property seekers.
Another example is Bayut’s TruValueTM that is the UAE’s first-ever fully automated property price valuation tool, that provides property seekers with the estimated value of residential properties in the UAE.
The latest partnership with the Dubai Land Department is just another milestone in Bayut’s ongoing resolve to revamp the user experience on Bayut and make the overall property search process easier for the stakeholders
Commenting on this partnership and the new enhancements, Haider Ali Khan, the CEO of Bayut & dubizzle said:
“As the region’s leading property and classifieds portals, we are honoured to work closely with Dubai Land Department to support their mission and the objectives of the Dubai 2040 Urban Master Plan. We believe that such collaborative partnerships play a vital role in achieving national objectives and creating a better environment for all stakeholders. Creating a seamless, reliable and data-backed journey for our users has always been our biggest priority, so we hope this partnership will provide property seekers across the UAE a more informed browsing experience and more elevated standards when searching online.”
With Bayut, you can count on making better choices when it comes to buying and renting properties in Dubai. Check out the listings for property sale and rent in Dubai for an experience enhanced by these new DLD validated features!