Two big names in the UAE real estate sector are planning to launch new online sales systems next year in response to new legislation.
Following the issuance of UAE Federal Decree-Law on Electronic Transactions and Trust Services, known as the E-Law, Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, and Aldar Properties are working together to implement digital sales platforms for their businesses.
The developers said they are aiming to be the first to implement such sales systems in the UAE, with the platforms set to be launched when the E-Law comes into effect in the first quarter of 2022.
The companies said in a statement that the digitalisation of real estate transactions will make property purchases, sales and management a “simple, quick and convenient process” for both UAE and overseas customers.
The E-Law will regulate and allow electronic transactions to be conducted with confidence by recognising that a verified electronic signature has the same legal validity as a physical signature, they added in the statement.
Buyers can complete the transactions digitally from the comfort of their own home or office, regardless of where they are in the world.
The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a memorandum of understanding (MOU) that aims to support the UAE’s drive to increase the contribution of the Fourth Industrial Revolution to the national economy.
Hawazen Esber, CEO, Majid Al Futtaim Communities, said: “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… Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location.”
Jonathan Emery, CEO at Aldar Development, added: “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 digitalised market… 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.”
The announcement comes as recent introduction of new visa reforms as well as the economic impact of Expo 2020 Dubai has strengthened the UAE’s position as a hub to live and work and property prices in both Dubai and Abu Dhabi have been rising for months.
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