Dubai Real Estate Report

Dubai Real Estate Report

Dubai Real Estate Report

The Dubai civic body has launched a complete electronic platform to ease transactions for under construction projects.

Building Department officials at the Dubai Municipality said the electronic system allows building consultants and contractors to finish all procedures online without the need to visit municipality offices.

Recent figures showed that there are over 25,000 buildings under construction in Dubai- including residential skyscrapers and villas. The department is responsible in overseeing the progress of 25,124 buildings in different parts of the emirate.

“The key is to provide licenses and services from granting a building permit to giving completion certificates. Contractors can now also receive their fines and conduct self-control procedures online,” said Saeed Ahmed Al Falasi, head of engineering supervision at the building department.

He added that the easy and quicker transactions are also part of achieving sustainability as part of UAE’s vision. “By introducing smart services, we are reducing the heavy paperwork subitted in the process, and therefore, reducing carbon emissions,” said Al Falasi.

Since the launch of the electronic system, Al Falasi said applications have been processed in less than 24 hours, with people in charge finishing all process steps in their own offices. Even meetings for licensing are conducted via online videos between municipality officials and contractors through the 24/7 system.

He said the platform also integrates the Civil Defense operations in giving permits to industrial business.

During the first six months of the year, the municipality received 25,419 requests to carry out structural audits, which is a 20 per cent compared to last year 2015. The department also received more than 3000 completion certificate requests.

Khalid Mohammad Saleh, director of the Buildings Department, said the increase in applications reflects a positive sign in the market, particularly the construction sector. He added that 5,837 buildings were completed in the first half of this year, compared to 2,906 buildings during the same period last year.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.