Picture used for illustrative purpose only.
Gulf Today, Business Bureau
Dubai Land Department (DLD) has successfully introduced a new registration system for real estate transactions, which allows real estate owners to complete sales transactions for their properties remotely from anywhere in the world. The new system allows them to complete procedures and transactions without being physically present in Dubai or delegating it to someone else.
In a statement on Thursday, the DLD noted that the introduction of the remote system is part of a government-wide smart transformation gaining momentum in Dubai as part of which public entities are deploying advanced infrastructure to ensure availability of services any time anywhere.
“The new system allows direct interaction between the seller and buyer and the finalisation of procedures through audio-visual communication,” it added.
DLD went on to explain that the verification process for authenticating property owners and confirming their approval for the transaction can be conducted digitally and remotely. “The system also facilitates money transfer through an escrow account that protects the rights of all parties. Money transfers can be transferred within three working days to the seller’s account.”
The Department has successfully completed 550 transactions worth Dhs600 million through this system.
Total real estate transactions processed over the last two months by the Dubai Land Department and real estate registration trustee offices operating part time reached 3,000.
Sultan Butti Bin Mejren, DLD Director-General, said, “We work with our partners in various government departments to implement the vision of His Highness Sheikh Mohammed Bbin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the smartest city in the world and the directives of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to accelerate the emirate’s smart transformation. We are delighted to work with Dubai Future Accelerators and Smart Dubai to develop a secure remote property registration system that enables sales transactions to be processed through the Dubai Land Department from anywhere in the world.”
The registration processes start with sending details of real estate transactions to the registration trustee, and then verifying the details of the property, parties involved and the transaction amount. The transaction amount is then transferred to a guarantee account managed by the Dubai Land Department.
Following the identification of the buyer and seller via an audio-visual call and authentication of all parties through other methods, the transfer of the property deed from the seller to the buyer is completed. The transaction amount is then transferred to the seller’s account and the property deed transferred to buyer. The department is currently working on developing a registration system based on artificial intelligence and blockchain technologies.
Earlier, Dubai Land Department, in cooperation with Smart Dubai and the Department of Finance (DoF), launched remote payment services to facilitate the process of real estate registration through the Dubai Pay portal.
This step is part of the precautionary measures taken by DLD to reduce the spread of COVID-19 and maintain the health and safety of its customers.
The initiative also aims to expand the process of payment methods through Dubai REST and DLD’s website, allowing for the easy collection of service fees. It is also expected to help facilitate payment services for DLD’s customers, which will lead to the revitalisation of Dubai’s real estate market and the establishment of reliable practical solutions for all procedures and transactions.
The remote payment services through the Dubai Pay portal constitute sales of all kinds, including buying and selling, mortgaging, grants, and usufruct, and it can be used by real estate owners, including buyers and sellers, in addition to all DLD’s customers.
Sultan Butti Bin Mejren, director general of DLD, said: “We continue to develop our services and facilitate their delivery to our customers, not only to make them happy and comfortable but also to ensure their health and safety. This is made all the more necessary given these exceptional circumstances in which our efforts are aligned with other institutions and departments to support the efforts of the relevant health authorities to reduce the spread of COVID-19 and contribute to decrease the time it needs to be contained. We are proud to implement this project, especially since it was accomplished within a short period of time, to record a new and unprecedented achievement.”
Statistics released by the Department of Municipalities and Transport on Thursday revealed that the value of real estate transactions in Abu Dhabi has been increased by 34% to reach Dhs6.3 billion by the end of last April.
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