Dubai Land Department is about to provide an access to information in Russian meeting high demand for real estate among Russian-speaking investors.
An official event following new partnership agreement on customer service provision signed between RusBiz consultancy and the DLD took place in Dubai. The initiative is responding specifically to enquiries from Russian speakers and aims at provision of language and other services throughout the sales enquiry and transaction process.
RusBiz General Manager Dmitry Krasnogor expects this useful innovation to simplify the solution of many real estate transaction-related issues previously caused by language barrier to investors from Russia.
Dmitry Krasnogor added: “Our preliminary market study has driven us to a conclusion that Dubai’s real estate market has been extremely attractive to these targeted investors of the former Soviet Union origins and will deploy every effort to provide them with the best services.”
RBC Сhairman Mr. Saleh Al Aroud speaking to the DLD General Director Sultan Butti Bin Majren. At the background: DLD Assistant Director General Majida Ali Rashid, RusBiz General Manager Dmitry Krasnogor and RBC Vice Chairman Oleg Lavrik.
At the press conference timed to the opening of the Russian-language service at the DLD, its General Director Sultan Butti Bin Majren and Majida Ali Rashid, Head of the Real Estate Investment Management and Promotion Center at DLD, have emphasized on a big work Dubai authorities are carrying out to support international investors in Dubai’s real estate. A number of new recently adopted laws, as well as a newly opened real estate transaction problems solving center will ensure that all parties are guaranteed comprehensive protection of their rights.
"To date, more than 150,000 Russian speakers live in Dubai, and we would like to increase this number by carrying out Road Shows and Property Shows in the CIS countries and other Russian-speaking countries, as well as conducting marketing and media campaigns in Russia, Azerbaijan, Uzbekistan and so on,"- said Dmitry Krasnogor.
A big step towards Russian-speaking investors made by the Dubai Land Department through improving language and other services provision was witnessed by representatives of the embassies and consulates of many CIS countries, who attended the event. Among them there were Consul General of Azerbaijan Parviz Ismailzada, Consul of Turkmenistan Hemra Amannazarov, Consul General of Uzbekistan Mansurbek Kilichev and Consul General of Kazakhstan Arman Issagaliyev, as well as Managing Director of the Ukrainian Chamber of Commerce and Industry Yuriy Rakhmatullin, and other public officials.
Commenting on the event, Majida Ali Rashid said: “We are seeking to take advantage of all possible opportunities to promote the real estate market for investors from all over the world, in addition to providing better services to them in their own language.”
These initiatives help Dubai authorities to strengthen and maintain ties with the emirate’s most important strategic partner countries, as well as to regain international investors’ confidence in the Dubai property market. According to the DLD data, about 6,000 Russian-speaking investors from 12 countries have invested more than AED14 billion in Dubai’s real estate over the last three years.
Rusbiz consultancy is already working on the translation of the Dubai land legislation, as well as the official DLD website into Russian.
Saleh Al Aroud, Chairman of the Russian Business Council in Dubai and Northern Emirates, has shared other attendants’ confidence about this DLD initiative, being of utmost importance in supporting Russian-speaking expatriates’ businesses in Dubai.
"We noticed that Russia is becoming an exporting country more than an importer. We are witnessing the growing volume of foreign investments due to the increasing number of investors and tourists from Russia and the CIS countries in Dubai," Mr. Al Aroud said.
Vice Chairman and Head of Investments and Real Estate Department at the RBC Oleg Lavrik also discussed with Dmitry Krasnogor some legal aspects of owning Dubai property by individuals and legal entities requiring special attention in the near future, as well as other issues of a transaction process that still lack transparency as for Russian-speakers and expats in Dubai.