Dubai-based developer Majid Al Futtaim and leading Abu Dhabi-based developer, Aldar Properties, recently signed an MOU for the development of a new platform that will allow for real estate transactions to be carried out digitally.
The announcement follows the issuance of the UAE Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services, also known as the ‘E-law’. The new E-Law both regulates and facilitates electronic transactions to be conducted by legally verifying digital signatures, including digital real estate transactions.
“The issuance of the new E-Law and the initiation of our new digital real estate sales platform marks the next step in our digital transformation journey as we aim to become the region’s most customer-centric developer,” Hawazen Esber, CEO, Majid Al Futtaim said.
SAVING TIME, INCREASING EFFICIENCY
The ability to complete real estate transactional digitally will save significant time on the part of both buyers and sellers, subsequently enhancing overall customer experience, the companies said in a press release.
Where customers have previously been required to provide physical signatures when securing real estate purchases, the new platform will allow buyers to complete transactions digitally from remote locations such as their home or offices.
As well as decreasing the time and effort spent completing transactions, the platform will also contribute towards implementing sustainable practises in the real estate sector by reducing paper usage.
“The new E-law is a significant development for the UAE’s real estate sector. It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market,” Jonathan Emery, CEO, Aldar Development commented.
“Together with Majid Al Futtaim – Communities, we hope to encourage further collaboration within the industry to ensure that the UAE’s real estate market is at the forefront of innovation, digital transformation and sustainability,” he said.
DIGITISING DUBAI'S REAL ESTATE MARKET
Over recent months, the UAE real estate market has flourished with sale and rental prices in Dubai in particular rising steadily.
The introduction of government incentives such as gold and silver visas along with the positive economic impacts of the country’s successful COVID-19 recovery and hosting of EXPO 2020 have all been effective in attracting investment to the real estate sector over the past six months.
By seeking to provide a seamless customer experience and allowing buyers to complete transactions from overseas, Majid Al Futtaim and Aldar Properties hope that the new platform will further boost foreign real estate investment in the region.
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