Real estate transactions have taken on a new shape with the introduction of a new registration system for those who desire to carry out real estate transactions. This new registration system paves the way for real estate owners to carry out sales for their properties from any part of the world. This new system benefits those who want to complete the real estate procedures and transactions while being away from Dubai. The task can now be completed remotely by delegating it to someone else.
The system has been introduced by the Dubai Land Department (DLD), which, in its statement, explained that the new system allows public entities to deploy advanced structures. Those benefiting from the system have access to services at all times and all places. The DLD also clarified that the move is part of the government-wide smart transformation in Dubai.
“The new system allows direct interaction between the seller and buyer and the finalization of
procedures through audio-visual communication,” the DLD repeated.
DLD added that it is now possible to verify the process digitally from anywhere. Now property owners may verify their property and extend their approval for the transaction they desire remotely.
The DLD also informed the system is a means of facilitating money transfers through an escrow account, which protects the rights of all concerned parties. It further added that money transfers are possible ‘within three working days to the seller’s account.’
This system has so far been utilized by the DLD to successfully carry out 550 transactions to the tune of AED600 million.
The last two months have witnessed 3,000 real estate transactions completed by the DLD and real estate registration trustee offices who are working part-time.
A statement issued by the Director-General of DLD, Sultan Butti bin Mejren said that the department was working in harmony with all partners across the various government departments to further the vision introduced by the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The vision seeks to transform Dubai into the smartest city in the world. The move serves to implement the directives issued by the Crown Prince of Dubai and Chairman of Dubai Executive Council, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. This step is a part of the broader scope focused on speeding the emirate’s smart transformation.
The director-general expressed pleasure over the fact that the department was collaborating with Dubai Future Accelerators and Smart Dubai to develop this system aimed at ensuring sales transactions processing from across the globe.
The system has unveiled a registration process that kicks off once the real estate transaction details are forwarded to the registration trustee, ensuring the property's verification of details. The concerned parties and the transaction amount is also verified. The amount of the transaction is transferred to DLD’ guarantee account.
The property deed is transferred to the buyer after the buyer and seller are identified through an audio-visual call. The verification for all the concerned parties takes place through other procedures. This step allows for the transaction amount to be transferred to the seller’s account while the buyer gains the property deed. The DLD is now working on creating a registration system that relies on artificial intelligence and blockchain technologies.
