The Dubai Land Department (DLD) launched Smart Property Marketplace or eMart, an online real estate portal back in November 2013. This was done to help developers and investors auction, sell, and rent properties, as well as acting as an exchange center to allow users easy access to private and public real estate information. The website provides you a thorough description of the properties and their main attractions. Visual assistance is provided by pictures and location maps so you can have a complete overview of not only the property, but the entire area surrounding it.
In addition, the key element of this initiative was to bring transparency and credibility. The Dubai Land Department also aims to attract more foreign investment to Dubai through eMart. Transparency is what the DLD boasts about. The year it launched eMart, the department was ranked the 4th best in the world and the best in the Arab region in terms real estate and property registration in the World Bank’s ‘Doing Business Index’.
Properties for rent are listed on the portal via Ejari system, which offers management companies and owners a highly convenient way to market vacant properties. And interested parties, no matter how many, can reach these properties from all over Dubai.
In its short history, eMart has made some notable achievements. For instance, in the very first launch, this portal was able to make a record sale of almost 75 million dirham. The sale comprised of 7 residential and commercial properties for a value of more than 27,570,000 dirhams. This was impressive considering that this was the first time Dubai property traders and homeowners had used an online portal.
In its 3rd auction held in February, the portal featured 5 high-end properties (both commercial and residential) valuing AED 190 million. Attendants of the auction are assembled in a special hall set aside by the DLD for the express purpose of facilitating auctioneers. The building features hi-tech screens and tablet devices. In addition, a highly trained staff is also present to help bidders and guide them through the online auctioning system.
To sum up, the new online portal (eMart) will enhance the attractiveness of real estate investments in the city and it will play a major role in boosting the economy of the UAE. For several years now, the DLD has focused its efforts into more customer-centric online services, and simplifying all aspects of real property-related transactions and the eMart portal exemplifies these efforts.
But there is a greater impact of eMart than just the figures provided above. eMart has proved that property trading through online platforms is not only viable in Dubai, but it is already gaining rapid popularity. It has proved that transparency can compel both local and foreign investors to trade over the internet and make sizable investments in the region.
The trickle-down effect will hence be seen in other areas as well, such as real estate crowdfunding, helping new investors enter the real estate market. The implications for the economy are massive!