Abu Dhabi Global Market (ADGM), the UAE capital’s international financial centre, has officially introduced the ‘Virtual Sell and Purchase’ service – a pioneering solution in the real estate domain. This innovative offering enables buyers, sellers, and their respective banks to carry out several stages of property transactions entirely through digital channels.
The newly launched service simplifies and merges three fundamental real estate processes – Discharge of Mortgage, Register a Transfer, and Register a Mortgage – into one cohesive online procedure. By facilitating collaboration among all involved parties on a secure digital platform, the service significantly elevates user experience through convenience and efficiency.
Central to this innovation is a cutting-edge virtual presence feature that allows each party to complete their responsibilities remotely. This advancement represents a substantial stride in the digitisation of property services, removing the need for in-person meetings or physical document exchange, while ensuring robust compliance and security.
This digital-first service is being rolled out through ADGM’s advanced property technology platform, AccessRP, developed in partnership with ADRES. AccessRP provides a fully integrated suite of services covering property transactions, off-plan developments, and mortgage processing, offering seamless solutions for developers, property owners, and investors alike.
Hamad Sayah Al Mazrouei, Chief Executive Officer of ADGM’s Registration Authority, stated, “The introduction of the Virtual Sell and Purchase service marks a key development in our commitment to enhancing business accessibility and improving the client journey in real estate. We are simplifying and accelerating services, while reshaping the expectations of property transactions in a digitally driven economy.”
Through this latest initiative, ADGM continues to push the boundaries of digital transformation, supporting growth in both the real estate and financial sectors, and solidifying its status as a premier international financial hub and centre of innovation.
