ADGM, the international financial center of the UAE capital, Abu Dhabi, announces the launch of the Virtual Sell and Purchase, the real estate service, which allows multiple steps within property transactions to be “completed virtually by buyers, sellers, and associated banks.”
ADGM’s new service streamlines and consolidates “three key real estate procedures – Discharge of Mortgage, Register a Transfer, and Register a Mortgage – into a single digital service.”
By bringing together all relevant parties to “a secure online platform to perform a single transaction, the virtual sell and purchase service aims to deliver a significantly enhanced and effortless customer experience.”
The service is powered by a virtual presence feature, which “enables all parties to complete their part of the transaction remotely.”
This feature is said to be leap in digital innovation for real-estate services as it eliminates the need for “physical meetings or document handovers, reducing processing time while maintaining the highest standards of security and compliance.”
The Virtual Sell and Purchase service is being launched via ADGM’s digital property platform AccessRP, which was “started in collaboration with ADGM’s strategic partner ADRES.”
AccessRP offers a comprehensive and enhanced suite of real estate transaction services, from selling and purchasing transactions “to off-plan development and mortgage services, providing end-to-end solutions for developers, owners, and investors.”
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, commented:
“The launch of the Virtual Sell and Purchase service marks a significant milestone in our ongoing efforts to enhance ease of doing business and reinforces customer experience in the real estate sector. We are not only making services simpler and faster, but we are also redefining what a real estate journey should look like in a modern, digital economy.”
With this initiative, ADGM says that it “continues to set new standards for digital transformation and drive growth in the real estate and financial services sectors, reinforcing its position as a leading international financial centre and innovation hub.”
