Dubai: a soft touch?

All Real Estate companies in Dubai promoting and selling off-plan property sales are to acquire new software, called Oqood and strictly use it whenever transactions are made where it will have to go online through Real Estate Regulatory Agency (RERA)...

Only those registered brokers and agents with The Real Estate Regulatory Agency will be able to make transactions online using the system.

The software will also feature a unified template of property sales agreements between property developers/owners and the buyers duly approved and designed by the Agency.

"All property developers in Dubai will have to use the Oqood software if they are dealing with off-plan property sales. Emirates Real Estate Solutions (ERES) who designed the software will provide training; where developers will be given three months period for training their sales employees on the system," said Sultan Butti bin Mijrin, Director General of the Land Department, during the officially unveiling of the new software Oqood.

Mirjin said the software is an important tool to help regulate the Dubai Property market and provide security for both developer and customers in their property investment transactions. At the event, The Real Estate Regulatory Agency in conjunction with the Land Department announced its implementation of a new rule and regulation to improve the overall performance of the real estate sector in Dubai.

KM Properties, a real estate developer and brokerage house had been selected amongst property developers in Dubai as event support sponsor for the Oqood launch.

Source: Zawya