Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, is launching a new real estate service, enabling multiple steps within property transactions to be completed virtually by buyers, sellers, and associated banks.
Through the launch of ‘Virtual Sell and Purchase’, ADGM aims to streamline and consolidate three key real estate procedures – discharge of mortgage, register a transfer, and register a mortgage – into a single digital service.
By bringing all relevant parties together onto 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. ADGM says that the feature is a major 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.
Hamad Sayah Al Mazrouei, CEO of the registration authority of ADGM, also 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.”
ADGM is launching the Virtual Sell and Purchase service via its digital property platform AccessRP, which was created 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.
