H1 2024: Dubai’s Real Estate Market Records $375 Million in Amicable Settlements Through Oqoodi Platform
The Dubai Land Department (DLD) has finalized 647 peaceful real estate settlements in the first quarter of the year 2024 with the help of the Oqoodi Platform. These amicable settlements are worth more than $357 million (AED 1.38 Billion). 100% of agreements were approved by the authority.
To avoid and settle real estate-related disputes without resorting to courts, the Oqoodi Platform was established. This is a digital platform that intends to peacefully resolve land and property-related disputes. This platform also facilitates real estate settlements and offers a reliable and legal method to document concerns and terms of the agreements and resolve disputes without involving courts.
Legal Support Section Manager of the Dubai Land Department, Abdullah Al Zarooni, stated that the role of the Oqoodi platform for peaceful settlements highlights the dedication of the DLD department to resolving disputes through peaceful means.
He said, “This approach is an effective means of resolving disputes swiftly and efficiently, achieving investor satisfaction and happiness.” He further added, “These settlements enable parties to proceed with their investments, ensuring that real estate projects continue without delays and effectively support multiple industries linked to construction.”
Encountering conflicts and disputes in the property sector is not uncommon. Developers, investors, and home-seekers may experience challenges or issues while investing their money in the property sector. However, the Dubai Land Department strives to resolve these issues and disputes peacefully without referring people to the concerned courts. It offers reliable and logical solutions to resolve the conflict and minimize the requirement of judicial proceedings for such cases.
