Majid Al Futtaim Communities, part of Majid Al Futtaim Properties, and Aldar Properties are aiming to create and implement digital real estate sales platforms for their businesses in the UAE, with the platforms set to be launched when the E-Law comes into effect in Q1 2022
The new E-Law allows for real estate transactions to be included within its scope of application. The digitalisation of the 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 regulates and allows electronic transactions to be conducted with confidence by recognising that a verified electronic signature has the same legal validity as a physical signature.
The move to electronic real estate transactions not only significantly reduces the time required to complete transactions, but it also enhances the customer experience and is more environmentally friendly due to the reduction in paper usage.
The collaboration between Majid Al Futtaim and Aldar follows the recent signing of a MoU that will see both parties work together to enhance innovation, customer experience, digital transformation and sustainable practices in the real estate sector.
?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. As the first real estate organisations in the UAE to adopt this online system, Majid Al Futtaim welcomes this collaboration with Aldar and aims to work together to create a more innovative industry. Moving forward, this will allow our customers to experience seamless and safe transactions regardless of their location,? said Hawazen Esber, CEO, Majid Al Futtaim Communities.
Jonathan Emery, CEO at Aldar Development, commented, ?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. Together with Majid Al Futtaim ? Communities, 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 introduction of new visa reforms, the ease of business ownership, as well as the economic impact of Expo 2020 Dubai has strengthened the UAE?s position as a hub to live and work and created a perfect opportunity for real estate owners and investors who are on the lookout for a strong property market. The new system increases operational efficiencies, which results both in cost reduction and a more seamless experience, creating a simplified platform for both investors and customers.