Changes the Real Estate Transfers Register for more efficient market scan

Changes in Values which has been recording data of real estate throughout the country since 2017, and has essentially been monitoring the market, come through a bill of the Ministry of Finance (LOC) that is in consultation. According to the new legislation promoted by the Ministry of Finance, legislative improvements and updates relating to the framework governing and operating the Real Estate Register are coming. The aim is to strengthen the applicability of the provision, which is modified by the new bill so that the Real Estate Transfer Values Register is more effectively respected, adequately mapping the market. But what are these improvements in practice? On the one hand, the overall management of the Registry is transferred from the General Secretariat of Public Property to the General Secretariat of Economic Policy and Strategy of the Ministry of Finance, while the General Secretariat for Information Systems and Digital Governance is responsible for technical support. On the other hand, the Minister assumes greater responsibility for decision-making in the real estate register, at the same time that the data held there will be interconnected and used by other Ministry databases. According to the explanation given in the provision’s text, the Register records data on transfers of property rights transactions, mainly for the purpose of drawing statistical conclusions, monitoring of the real estate market and supporting other databases of the Ministry of National Economy and Finance. The data of each transfer shall be collected from various sources, including the Independent Public Revenue Authority (AED), the Real Estate Offices and the Contractors. It is also intended to publish some of these elements on a Ministry’s online platform, in a way that will ensure the anonymity of the parties involved and protect tax confidentiality. The details of the application of these provisions, including the sources and the type of data collected, the category of published data and the time of compliance, shall be determined by decision of the Minister for National Economy and Finance, on the recommendation of the Governor of the ADE. In addition, data security issues, controllers and other specific details will be regulated by joint decisions of the relevant ministers of National Economy and Finance and Digital Governance.