Dubai is considered as one of the world’s most appealing real estate destinations. Billions worth of Dubai properties transactions are generated and help maintain the long-term health of city’s real estate market.
The formation of Dubai Land Department, the Real Estate Regulatory Department (RERA) and a subsidiary agency Emirates Real Estate Solutions (ERES) implemented various rules and regulations that will streamline all Dubai real estate transactions. ERES established an online platform for all buyers and sellers to ensure the authenticity of the ownership of land, villas or apartment.
One of these services is called Oqood, an Arabic word which means “contracts”.
What is Oqood?
Oqood is an online service provided by Emirates Real Estate Solutions (ERES). It aims to ease the registration process for all types of contracts between property developers and buyers. It also allows developers to manage their off-plan properties in a simple and user-friendly bilingual Arabic-English interface in accordance with Dubai Land Department regulations.
What does Oqood allow buyers, owners, and developers to do?
For buyers - Oqood will serve as a protection from any unlawful actions, i.e. you are buying an off-plan property from an owner, and the developer claims that the current owner has not paid Oqood and tries to charge you again, then you must refuse and it is required by law for all off-plan properties.
For Property Owners - All owners must pay Oqood before making any transactions to the developer.
For developers - Oqood enables real estate developers to manage their framework wherein they can log-in, secure an online application, add properties, and edit property details. Developers can also get land department support (request & receive online approval from the land department), sales support (register, perform sales transactions, and create sales registration receipts), and receipt formation (creates regulated registration and transaction fee).
What are the benefits of Oqood?
Oqood enables buyers and developers to meet in a uniform platform containing all real estate transactions. It benefits both buyers and developers to lower processing time, creates uniformity, and shows the complete transparency of the registration fee structure.
All Dubai land developers are required to perform and register their off-plan properties to Oqood. The system allows the sale of any Dubai properties to be more transparent and regulated by the Dubai Land Department. It benefits the buyers from all illegal practices, i.e. a developer selling the same unit to multiple buyers and also for developers to keep track of his properties.
Oqood is established to create a regulatory platform to maintain complete transparency for buyers and developers that concerns any real estate requirements, processes, and fees.
How much is the Oqood fee?
Oqood fee is 1040 AED and must paid ONE TIME ONLY by the property owner.