New website 'could boost Dubai property market'

A new online transfer system for property in Dubai has gone live, which could boost the Dubai real estate industry.

The Oqood system allows developers to register their properties in the system and enables the sale, tilting and transfer of properties to take place within the country's legal framework

It is hoped the site will help streamline the property registration and transfer process in Dubai and ensure that all transfers are completed in compliance with Dubai Land Department regulations.

Accountability will also be improved because developers and end-users will be tracked throughout the transfer process.

Oqood was developed in conjunction with Emirates Real Estate Solutions, a subsidiary of the Dubai Land Department.

The first developer to register a property on the website was Al Fajer Properties. Company president Sheikh Maktoum bin Hasher Al Maktoum said it was a "great milestone" for the Dubai real estate sector.