Dubai property prices have risen by more than 20pc this year (Photo: Eugene Kaspersky)
The portal is called eMart will feature properties for auction, sale and rent within the UAE. The move from the Land Department is designed to strengthen the emirate’s property market and act as a “convenient exchange centre” for private and public information.
“We now have a system that, with complete transparency and full credibility, gives tenants, owners, and brokers full operational efficiency and reliability in a way that we have not had before, a way that will help boost the local real estate market significantly,” said Sultan Butti Bin Meiren, the department’s Director General.
The Dubai government strongly supports the new portal, Property Portal Watch notes, while the emirate’s officials continue to seek new ways to maintain the market’s momentum.
Indeed, Dubai property has rocketed in the last year, establishing itself as a safe haven for investors with prices and rents rising at rates that outperform many of the world’s major property markets. Prices have surged by more than 20 per cent in the second quarter of 2013 compared to last year, while the emirate topped Knight Frank’s global rankings for rental rises alongside Nairobi last month, with rates climbing the 14th month in a row.
The news follows Dubai’s decision to become the first property market to adopt the new International Property Measurement Standards to boost transparency, credibility and accessibility for investors.