Business | Property
Dubai launches online registration of properties
Dubai Government has launched an online property registration scheme, Oqood, that analysts say, will lead to a higher level of transparency and eventually create an online property price index (PPI).
- By Saifur Rahman, Business Editor
- Published: 23:50 November 16, 2008
Dubai: Dubai Government has launched an online property registration scheme, Oqood, that analysts say, will lead to a higher level of transparency and eventually create an online property price index (PPI).
Dubai's Land Department in conjunction with the Real Estate Regulatory Authority (Rera), yesterday said, the new online application 'Oqood' will enable the effective implementation of Law No. 13 of 2008 for regulating the interim real estate register in Dubai, a statement said.
Mohammad Sultan Thani, assistant director-general for Excellence and Organisation Governance at the Dubai Land Department, said: "Interim registration is essential for the real estate market, and is considered a unique and pioneering step covering even off-plan sales transactions. The law protects the interest of all parties through closely monitoring sales transactions. The launch of the online application will significantly facilitate the entire process."
Benefits
The online registration process will lead to minimising conflicts arising between developers, investors and sellers, while contributing to cutting down the escalating off-plan selling and reselling costs, the statement said.
"This is an excellent step and comes at the right time. The move will provide utmost clarity and transparency in real estate market on data, which will eventually lead to a detailed PPI," Sudhir Kumar, managing director of Realtors' International, a property consultancy.
Charges will be the same as levied by the Dubai Land Department - one per cent of the total value paid by the seller and one per cent to be paid by the consumer.
Ahmad Al Qaizi, chief executive of Emirates Real Estate Solutions, said: "The launch of online application Oqood will help ensure the availability of detailed data on private proprietorship of all real estate that have been sold off-plan in Dubai. It will also protect customers' rights through safe-guarding the development against any manipulation. It will safeguard the interests of investors, developers and end-users, as well as for the government. The move also reflects lots of seriousness from the government in raising transparency. The database or PPI will help investors and end-users to determine price in a very transparent way."
More than 80,000 units have already been registered with Oqood so far.
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