Out of the box

“Remote ownership” .. a feature we hope will return to the real estate sector

Ismail Al Hammadi

May 18 2022

At the beginning of 2020, and exactly with the beginning of the second quarter of this year, Dubai announced the availability of the service to complete real estate transactions transactions remotely, including real estate ownership transactions.

This service created the event during the pandemic period, and many investors and workers in the real estate sector preferred it, as it is the first initiative or service of its kind provided by a real estate market, regionally and globally, that is carried out through an advanced digital system, confirming Dubai’s leadership on the list of smart cities on the one hand, and the ability of On the other hand, the real estate sector in the emirate has overcome the challenges of the comprehensive closure and the suspension of travel movement.

But with time, and with the return of life and the movement of travel to normal, it can be said that this service has almost disappeared from the market, and we no longer hear anything about it, as it was before, which suggests to the investor that it was only a temporary service, at a time when the It continues in the market, in all cases, because it facilitates the purchase process at all times, especially that video communication options have been available to this day to communicate with potential customers.

Social media platforms still take the largest role in real estate marketing for most real estate companies, as it is the means available to reach the largest segment of target customers across the world, regardless of regional borders, while adopting virtual reality technology to inspect the property.

And the fact that Dubai is a smart city, and the real estate sector has the first sector in the world to own a smart real estate disposal portfolio (Dubai Rest), this stresses the need for the availability of a remote property ownership service, to ensure the integration of smart services pursued by the emirate in the completion of various daily transactions for individuals, but rather this must be strengthened The service and its development to spread and expand more and more, in line with recent developments in the global real estate markets and advanced technology.

Today we are at the threshold of dealing with cryptocurrencies, and entering the virtual world parallel to our physical world, and this calls for the availability of more easy mechanisms for buying real estate remotely .. “Remote Ownership”, a formula created by the “Covid-19” pandemic, and it is not supposed to disappear, like it Such as “remote work”, for which the relevant authorities have created new frameworks in the labor market, so they must be developed, re-employed in the real estate sector, and exploited according to market conditions and its customers, a feature that we hope will return to the sector, given that Dubai is a global and smart city.

• The necessity of having a real estate ownership service available remotely to ensure the integration of smart services pursued by the emirate.

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