subject: The Transition From Old Property Registration Process To The New One [print this page] The property prices took a sudden toll when a couple of years back it took a sharp decline due to some reasons. Analysts say that the reasons were inclusive of certain unethical practices followed by some property dealer. These agents were responsible for first increasing the property prices to unacceptable level, a level where such property value was not representative. Then came in the downfall, a slump which shows its infinity up till now. The property values and its prices took a sharp fall and decline. Those lucky ones who had managed to sell their property were able to get a good price, while the others who kept it in the anticipation of getting further higher prices only ended up in sharing a loss. The situation now is quite better and the industry is improving and recovering quite fast. The prices of property is again getting normalize and this show s the positive point. The resilience that the industry has shown means that the potential is great and new entrants to the market and those that are existing ones are quite knowledgeable. This is because they have learnt from the mistakes that were made by the stake holders at the time the slump hit the industry.
The government is also playing a good role in streamlining the industry. It has certainly improved a lot in terms of monitoring. This improvement is made by introducing few much needed changes in several places. UAE Property legislation is revised in some aspects and also some new chunks of law has also been added. This has proved to be quite useful and handy. Although one may say that still there is much room for improvement, the dedication and commitment on the part of the government shows that it will, sooner or later, make itself a good monitoring authority. One more thing that is worth mentioning is that in case of Rent Apartment Dubai government officials were facing a weak system of integration. Previously the departments involved in the process of registration of sale or purchase transaction of property had to work independently. There was not a standard or streamlined process. The department where the property documents were sent for approval had no close relation with that which approves and register the same documents. It was only later that some experienced individuals showed up their ideas to revamp the existing system. For this purpose they had to take help and assistance from those who have practical and working experience in the industry. So they hired and consulted the industry experts who were none other than the estate agents. The agents first gave idea that in order to streamline the whole process, a step by step approach needs to followed. They came up with an idea to apply the newly established system to firstly the Villas in Dubai. That was a sort of test marketing whose purpose was to see the working model of the new process. When it went live they were quite satisfied with the results. The improved system of registration had all the positivity that one may think of. After its success they shifted the process to all types of real estate transaction and the mode of registration we see today is the result of that endless and venturing work and endeavor.
