Dubai, UAE: Dubai Land Department said, it has completed 1,508 transactions worth Dh3.4 billion in 5 weeks through escrow accounts.
“During the past five weeks, business in the escrow account continued electronically and 126 real estate developers benefited from RERA’s services, helping these companies continue construction on off-plan sales projects, with 1,508 disbursement procedures that having been implemented for 342 companies as well as disbursement procedures for doing business accounts in off-plan real estate projects under development,” the statement said.
Dubai Land Department (DLD), through its Real Estate Regulatory Agency (RERA), also said, it will continue to provide all support services to its customers and ensure business sustainability in the current exceptional circumstances.
These services guarantee continued work in the real estate sector at its usual pace, confirming its importance in driving the national economy, and providing support for the construction sector, which was exempted according to the decisions issued by the competent official authorities, in conjunction with the National Sterilisation Programme that is being implemented as a result of the global outbreak of COVID-19.
Khalifa Alsalfa, senior director of the escrow account department at DLD, commented: “The process of following up on the off-plan real estate development process is completely electronic, which helps us serve all real estate developers and approve the disbursement of their payments through the electronic escrow account application. We are also implementing all real estate development procedures in the Emirate electronically and remotely through the approved systems in the department. Customers can submit requests for credits and disbursement through the electornic escrow account application account linked with the managers of the project development’s escrow account.”
Under the current circumstances, the smart applications in force at RERA played a fundamental role in the success of our mission by facilitating the workflow of all parties in real estate development projects in full compliance with the remote working systems and in line with the guidelines issued by the competent official authorities.
Alsalfa concluded: “Investors and buyers in these projects can also follow up on the construction operations of their projects through Dubai REST by visiting the ‘Mashrooi’ service that provides them with integrated data on the development of construction on project sites.”
Dubai Land Department was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.
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