Dubai Land Development (DLD) has introduced a state of the art system for remote property registration in Dubai. It allows property buyers in Dubai
to process sales transactions through DLD no matter where they are located in the world. The launch of this system is a part of the smart transformation initiative taken by the government in Dubai. Many companies have now deployed advanced infrastructure in their operations to make Dubai a smart city
as proposed by the government. This also ensures their services are available at all times to everyone.
With this system, buyers and sellers will be able to interact directly and complete the Dubai property registration process. It also offers an interactive audio-video communication feature that allows them to finalize the procedure and close the deal. Buyers can also authenticate sellers/owners digitally through this platform.
With the launch of this system, the money transfer issue has also been taken care of. If a buyer has finalized a property for sale in Dubai, they can use an escrow account to transfer money safely and securely after closing the deal. The system allows buyers to transfer money to sellers within three working days. So far, a total of 550 transactions have been completed through this system by the department. The value of these transactions amounts to AED600 million. However, if we look at the total transactions processed by the real estate registration trustee offices and Dubai Land Department in the last month, the number has reached 3000.
The standard process of registration through this newly launched system commences with the transfer of details. The registration trustee receives the details of the transaction and verifies its complete details including parties involved, property facts, and the amount of transaction. DLD manages a guarantee account to which the transaction amount is transferred by the registration trustee. After that, the buyer and seller are identified and verified using the audio-visual call feature included in the system. In this phase, other parties involved are also authenticated. Then, the property deed is transferred from the seller to the buyer and the process is completed.
Director General of DLD, His Excellency Sultan Butti bin Mejran believes that the organization works with various government departments to implement His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision. The vision to make Dubai the world’s smartest city. He further states that the launch of this advanced system is also a part of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of The Executive Council and Crown Prince of Dubai, instructions to speed up the transformation.
Due to the advancement in technology, DLD
is also working on the development of a registration system that utilizes the latest AI and blockchain technologies to make the system more advanced and efficient.