The Dubai Land Department has successfully implemented a new real estate transaction registration system that allows property owners to conduct sales transactions for their properties from anywhere in the world. They can now conduct procedures and transactions without having to be physically present in Dubai or delegating them to someone else thanks to the new technology.
The remote system is part of a government-wide smart transformation that is gaining traction in Dubai, in which public institutions are adopting advanced infrastructure to assure service availability at any time and from any location.
The new system allows for direct connection between the vendor and the customer, as well as the completion of operations via audio-visual communication. The digital and remote verification method for verifying property owners and confirming their approval for the transaction is possible. The method also allows for money transfers via an escrow account that preserves all parties’ rights. Money transfers to the seller’s account can be made within three working days. Through this technology, the Department has completed 550 transactions totalling AED600 million.
The Dubai Land Department and part-time real estate registration trustee offices processed nearly 3,000 real estate transactions in the last two months. Mr. President, “We work with our partners in various government agencies to implement the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai,” said Sultan Butti bin Mejren, Director General of Dubai Land Department. His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision to build Dubai the world’s smartest city, as well as Crown Prince of Dubai and Chairman of the Executive Council’s orders The emirate’s smart transition will be accelerated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. We’re excited to collaborate with Dubai Future Accelerators and Smart Dubai on the development of a secure remote property registration system that allows sales transactions to be handled through the Dubai Land Department from anywhere on the planet.”
The registration procedure begins with the registration trustee receiving data of real estate transactions and then confirming the property, people involved, and transaction amount. The transaction sum is subsequently deposited to a Dubai Land Department guarantee account. The transfer of the property deed from the seller to the buyer is completed once the buyer and seller are identified via an audio-visual call and all parties are authenticated using other techniques. The transaction amount is then deposited into the seller’s account, and the buyer receives the property deed. The department is currently creating an artificial intelligence and blockchain-based registration system.
