Grants concession for processing the re-sale of property
08 May 2011
Damac Properties was selected by the Dubai Land Department 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 policy decision will streamline transaction procedures for buyers of existing off-plan property. Currently, both the buyer and seller must physically attend the developers' head office, complete required paperwork, proceed to the Dubai Land Department, complete the balance, and then bring 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.
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Type:
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Promotion and facilitation (Investment facilitation )
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Industry:
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Services (Real estate activities)
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