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Knowing debtor exposures in Dubai real estate made easy

Other Dubai 30 Dec 20
Knowing debtor exposures in Dubai real estate made easy
The status of debtors' exposure in Dubai real estate market now can be tracked down in less than 15 minutes.
Fee
Event Location
Dubai , Dubai
Area
Dubai
Start Time
30 December 2020, 12:00 AM
End Time
31 January 2021, 12:00 AM

The new 'Initial Inquiry' – system implemented at the Land Department makes the status of debtors' exposure in Dubai real estate market in 15 minutes. The details will be made available to Dubai Courts and help speed up delivery of verdicts.

It was found the time taken to complete a single inquiry averaged from 5 to 15 minutes. Additionally, the steps relating to the inquiry procedures about a debtor's real estate exposures would take a long time.

Earlier, 'inquiry letters' about a debtors’ status was exchanged between Dubai Courts and Land Department. The new system came into being after Land Department specialists studied the status of such letters, the steps necessary to implement them, and the time taken.

Sultan Butti bin Mejren, Director-General of Land Department said, "The time required for initial inquiries now ranges from 15 minutes to no more than several days. This has been achieved to consolidate the confidence of customers and establish a principle of transparency in all their transactions."




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