In today’s day and age, Dubai continues to be considered a prime destination for individuals and corporations looking for new opportunities. Whether your interest lies in investing or settling down, the real-estate market here is even hotter than the weather, and that dear friends, is really saying something. It comes as no surprise then that the government has been working arduously to regulate this market and that real estate firms have been pushing for faster and easier processes.
What is Trakheesi and why should I care?
No, it is not a Game of Thrones character. In 2016, the Dubai Land Department launched Trakheesi—an online portal aimed at facilitating the handling, issuing, renewal and updating of real estate licenses and permits in the U.A.E (Khaleej Times). The exorbitant influx of real estate players in Dubai, was also followed by misrepresentation and false advertisement in the market.
Trakheesi is the government’s attempt to curb malpractice and also allow real estate agencies and brokerages the ability to streamline and automate real estate licensing and permit procedures that previously required many physical visits to the Dubai Land Department and took a lot longer.
And… how is Trakheesi doing?
So far, Trakheesi has triumphed in achieving its desired result of making licensing and permit procedures more transparent, streamlined and easier for realtors and real estate agencies. Trakheesi has also allowed the Dubai Economic Committee to gather key centralized data on the real estate market in the U.A.E and to ensure all relevant parties are acting in accordance with the laws of the land. So far, Trakheesi has granted almost half a million real estate permits—and there is no better attestation of its continued success.
Trakheesi was implemented in 2016, why is there still hype about it in 2019?
Although the Trakheesi system was designed and launched several years ago, it has been gaining momentum and also receiving a lot of attention in the recent months. The main reason for this is that the government has made it mandatory for real estate agencies and brokerages to register and receive their unique Trakheesi numbers.
This is good news for everyone—licensing procedures and permits will become both automated and streamlined for agents and on the other hand, fraudulent advertising will become less of an issue, as online listings posted without unique Trakheesi numbers, are now punishable by law. Excited about Trakheesi? Yep… us too!
Get in touch with one of our specialists right away, or click here to find out more about our take on the Dubai Property Market in 2018.