Dubai: virtually open

The new online real estate transfer system in Dubai is up and running in a move that will bring more transparency to the property industry, it is claimed...

It allows each developer and their properties to be registered within the system and ensures that the legal sale, transfer and titling of properties takes place.

The Real Estate Regulatory Agency said that Al Fajer Properties was the first to use the new online system that it has developed in conjunction with Emirates Real Estate Solutions, a subsidiary of the Dubai Land Department.

The online platform called also ensures accountability to all parties involved by tracking developer and end user information with regard to their properties. RERA said that no registered property sale and transfer can take place unless initiated through the system.

'We are delighted to see the rapid implementation and use of the Oqood systems within the sector. The Oqood online platform not only ensures transparency within the real estate market, but also helps streamline property registration and transfer processes in line with Dubai's real estate laws and regulations,' said Ahmed Al Qaizi, CEO of Emirates Real Estate Solutions.

'This first set of successful transfers through Oqood is testament to the hard work of RERA and the Dubai Land Department. We are also happy to have had Al Fajer Properties be the first registered developer to successfully use the Oqood system for property transfers,' he added.

His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer Properties, described it as a great milestone for the real estate sector in Dubai. 'We have been working tirelessly in the last 12 months during its restructuring efforts to conform to best practices and satisfy all requirements whereby ensuring all customers are registered and that we are in compliance with all RERA regulations,' he said.

'The new guidelines and systems developed by the Land Department will bring a better sense of transparency instilling more confidence in the market. We are confident that this will not only be beneficial for the Developers and our customers but for Dubai as a whole,' he added.

Source: www.propertywire.com