ADGM, the international financial centre of the UAE capital, Abu Dhabi, announced the launch of the Virtual Sell and Purchase Service, a pioneering real estate offering that allows multiple steps within property transactions to be completed virtually by buyers, sellers, and associated banks.
Streamlined real estate procedures
ADGM’s innovative service simplifies and consolidates three essential real estate procedures – Discharge of Mortgage, Register a Transfer, and Register a Mortgage – into a single digital service. By uniting all relevant parties on a secure online platform for a single transaction, the Virtual Sell and Purchase Service aims to provide a significantly enhanced and seamless customer experience.
Revolutionary virtual presence feature
This service is powered by a groundbreaking virtual presence feature, which enables all parties to fulfill their roles in the transaction remotely. This advancement represents a major leap in digital innovation for real estate services, as it eliminates the necessity for physical meetings or document exchanges, thereby reducing processing times while upholding the highest standards of security and compliance.
Read more: ADGM, Chainlink partner to shape global blockchain standards and best practices
Comprehensive digital property platform
The Virtual Sell and Purchase Service is being launched through ADGM’s state-of-the-art digital property platform, AccessRP, developed in collaboration with ADGM’s strategic partner, ADRES. Moreover, AccessRP delivers a comprehensive suite of real estate transaction services, encompassing everything from selling and purchasing transactions to off-plan development and mortgage solutions, thereby offering end-to-end solutions for developers, owners, and investors.
Commitment to enhanced customer experience
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, remarked, “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.”
Driving digital transformation in real estate
Furthermore, with this initiative, ADGM continues to set new standards for digital transformation, driving growth in the real estate and financial services sectors and reinforcing its position as a leading international financial centre and innovation hub.
