Dubai: Majid Al Futtaim, a mall operator and community developer based in Dubai, and Aldar Properties, a property developer from Abu Dhabi, are working on digital real estate sales platforms according to a statement from the companies.
Following the issuance of a new ‘E-law’, which will allow real estate transactions to be digitized, the move was announced. Developers intend to be the first to implement such online sales systems in the UAE, with platforms to be launched in the first quarter of 2022.
“The digitalization of the real estate transactions will make property purchases, sales, and management a simple, quick, and convenient process for both UAE and overseas customers,” said the companies in a statement. “The E-Law regulates and allows electronic transactions to be conducted with confidence by recognizing that a verified electronic signature has the same legal validity as a physical signature.”
“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,” said Hawazen Esber, CEO, Majid Al Futtaim Communities.
“Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location,” said Esber.
Reducing time
According to the companies, the move will make it easier to complete real estate transactions while enhancing the customer experience. “Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world.”
“It will not only improve the experience for buyers but encourage overseas investment in what is a modern and digitalized market,” said Jonathan Emery, CEO Officer at Aldar Development.