Dubai is widely recognized as a highly desirable location for real estate investment, with billions of dollars in property transactions contributing to the sustained strength of the city’s real estate market over the long term.
To facilitate more efficient real estate transactions in Dubai, several organizations were established, including the Dubai Land Department, the Real Estate Regulatory Department (RERA), and its subsidiary agency Emirates Real Estate Solutions (ERES).
Through the implementation of various rules and regulations, these organizations have created a streamlined process for conducting real estate transactions in Dubai.
In particular, ERES has developed an online platform that verifies the authenticity of ownership for properties such as land, villas, and apartments, ensuring greater transparency and reliability for both buyers and sellers.
What is Oqood?
It is an Arabic term, which translates to “contracts” in English, and is one of the services being offered.
In Dubai, Oqood is a set of services offered by the Dubai Land Department that enables developers and investors to manage their off-plan properties. It is therefore essential to have a clear understanding of Oqood when purchasing an off-plan property in Dubai, the City of Gold.
The services offered in relation to managing off-plan properties in Dubai include:
- Property management
- Sales and purchase transaction management
- Monitor project progress
- Account management
- Payment management
- Contract management
Moreover, this platform serves as a comprehensive solution for developers and investors to consolidate all of their off-plan properties into a single portfolio or dashboard. The portal is responsible for regulating, monitoring, and automating off-plan property management in Dubai.
By offering a secure and protected portal, the system ensures the rights of all stakeholders involved in the transactions.
- It simplifies the registration process by offering high-quality services that meet the standards set by the Dubai Land Department (DLD).
- The portal is bilingual and supports both English and Arabic languages.
- It is a robust system that aids in managing and monitoring the progress of off-plan projects.
- Helps regulate the off-plan real estate market.
- Provides property developers with well-regulated procedures for managing off-plan projects and responding to requests in an organized manner.
- It is a reliable source of information about off-plan projects.
- Accelerates the processing of registration procedures by reducing the time required to execute each request, thereby improving the quality of services provided by the Dubai Land Department.
- It offers real estate authorities a robust tool for managing, monitoring, and regulating the off-plan property market.
- It allows property developers to prioritize their procedure requests and manage them accordingly.
- It provides property developers with a verified source of information about properties, which they can use for their sales transactions.
- It decreases the waiting time for property developers, particularly for bulk procedure requests, within the Dubai Land Department.
- It offers current statistics on sales, unit investments, and client payments across a wide range of projects.
In order to register for this service in Dubai, the following documents are necessary:
- A copy of the company trade license
- An authorization letter must be on company letterhead and signed and stamped by an authorized person
- A power of attorney, if the authorized signature is not part of the trade license
- The passport, visa, or Emirates ID of the signatory person
- A passport copy with a visa page for the requested user
- Additional documents may be required depending on the procedure as per the sales contract.
As a buyer, the platform will act as a safeguard against any illegal activities. For example, if you purchase an off-plan property from an owner and the developer alleges that the current owner has not made the necessary payment and tries to charge you again, it is imperative that you decline as it is mandatory by law for all off-plan properties.
For Property Owners
As a property owner, it is mandatory to make the necessary payment before engaging in any transactions with the developer.
The system provides real estate developers with the ability to manage their infrastructure. Developers can log in to an online application, add properties, and modify property details. Additionally, receipt formation is also made available to developers which creates regulated registration and transaction fees.