Leading independent property developer, DAMAC Properties, has been selected by the Dubai Land Department as one of few developers to be granted access to the department’s electronic property registry system (Oqood system), for the purpose of remotely completing resale transactions for off-plan property transactions.
The move will streamline the transaction process for buyers wishing to purchase an existing off-plan property. Currently, both the buyer and seller must physically attend the developers head office, complete about half of the required paperwork, proceed to the Dubai Land Department, complete the balance, and then return it to the developer.
“The new system will consolidate the transaction process in one location which will significantly reduce the time it takes to complete off-plan re-sale transactions. It is also a strong endorsement by the Dubai Land Department in DAMAC Properties’ aptitude to diligently file all of the information required for the assignment process for off-plan re-sales” said Niall Mc Loughlin, Senior Vice President DAMAC Properties.
DAMAC Properties is one of only a few developers in Dubai to be granted the authority to remotely access the Dubai Land Department’s Oqood property registry system. DAMAC Properties’ customer relationship managers have received comprehensive training by the Dubai Land Department, and have been fully certified.
“This is an innovative and time saving initiative implemented by the Dubai Lands Department and the Real Estate Regulatory Authority (RERA). It will enhance customer satisfaction and improve the process of purchasing an off-plan property in Dubai. It will make it significantly easier to complete transactions for the re-sale of off-plan properties, and that is a positive step for the market” Mc Loughlin added.
The off-plan property sales model allows investors to pay developers in instalments, linked to construction milestones. However, for any number of reasons, some investors are unable to continue making payments and decide to sell the property to a third party, before the development has been completed. In Dubai, off-plan properties are able to be sold to a third party at any stage of construction.
“We recognise that our customers’ circumstances change, and we are committed to ensuring that we do everything possible to accommodate their new requirements. If our customers find themselves in a situation where they wish to sell their property, before completion, we want to make that process as simple and as convenient as possible for them,” concluded Niall Mc Loughlin.
DAMAC Properties places a strong emphasis and focus on customer satisfaction. The developer is committed to providing uniquely-designed, luxury properties that offer solid investment opportunities across the MENA region.