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Dubai gov aims to exclude brokers from real estate buying-selling process

29.05.2018

New online platform will allow real estate owners in Dubai to sell and manage their units without brokerage agencies intermediation. Read for what then are brokers needed for.

Dubai Land Department (DLD) announced plans to create an online platform designed to run real estate agents and brokers out of real estate sales and management process.

Supposedly, this will ease direct communication between sellers and landlords on one part, and buyers and tenants on the other, and also will cut down paper issues during transactions.

A new Real Estate Self Transaction (REST) ​​portal will include such functions as buying and selling real estate online, and even applying for a mortgage by contacting banks through direct links.

Dubai properties database will allow banks to offer direct mortgage products, deposit the mortgage in the client’s account or decommission the mortgage after a sale and purchase.

Landlords will also be able to remotely rent out their properties and pay for utilities (electricity, water, internet access) online, which eliminates the need to apply for property management services from brokerage agencies.

In theory, the owners will even be able to design and decorate their Dubai apartments remotely through this portal, which provides full access to online floor plans and layouts for this purpose.

“By removing many traditional limitations in the real estate transaction process, the smart real estate system allows landlords to trade and sell their properties anytime and from anywhere in the world,” said DLD director general Sultan Butti bin Mejren.

According to bin Mejren, the Department already cooperates with developers, banks, state structures and technology providers for the project. The portal is scheduled to be launched in the first quarter of 2020. This project is part of the Dubai development program, presented by 24 government entities together, in order to place Dubai’s public sector 10 years ahead of its global competitors.

But how will Dubai brokers react to this?

"Today, in the era of global transparency and integration, business can’t remain completely closed to its customers," said Oleg Lavrik, IMEX Real Estate CEO and Vice President of the Russian Business Council in Dubai.

"We are trying to bring together both parts of the real estate buying and selling process as well as of the leasing/renting procedure; and this implies that we have no secrets from our clients. Today our service includes also Property Management services. But property management is not just paying utility bills and all those financial issues. Much of this process involves the human factor and still requires a personal presence on site. And IMEX Real Estate is always present in Dubai both for sellers and tenants. You can come to our office, and ask any questions and solve any problems that bother you, which, I believe, will never be fully available online," Oleg Lavrik added.

Besides, brokers will keep providing their services for property searchers and buyers. Although this service is already widely available for ‘self transaction’, those who want to buy real estate in Dubai, more often prefer to turn to professionals, especially when it comes to such an important lifetime decision as buying a home. Therefore, IMEX Real Estate brokerage will continue its 10-years-plus practice in Dubai for you! Address the professionals! We are open to all forms of interaction. Our contacts:

Tel.: +7 903 232 80 80 Oleg Lavrik (Whatsapp, Viber, Telegram)

Tel. UAE: +971 (50) 2528188

Toll Free in Dubai: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com

Skype: resident69

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

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Real estate search.

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Signing of the lease agreement

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-5% agency commission of the annual contract price

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1 hour

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~ 2 weeks secondary

~ 3 weeks new building

Property Selection

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1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

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1 year

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1 day

Reporting

Expenses of the owner:

5% of the annual rental price

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From 3 days

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1 Week

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Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

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