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Dubai Land Department Endorses DAMAC Properties to Process Re-sales

DAMAC Properties granted approval to process transactions for the re-sale of off-plan properties

Dubai, UAE: Leading independent property developer, DAMAC Properties , has been selected by the Dubai Land Department as one of few developers to be granted access to the department's electronic property registry system (Oqood system), for the purpose of remotely completing resale transactions for off-plan property transactions.

The move will streamline the transaction process for buyers wishing to purchase an existing off-plan property. Currently, both the buyer and seller must physically attend the developers head office, complete about half of the required paperwork, proceed to the Dubai Land Department , complete the balance, and then return it to the developer.

"The new system will consolidate the transaction process in one location which will significantly reduce the time it takes to complete off-plan re-sale transactions. It is also a strong endorsement by the Dubai Land Department in DAMAC Properties ' aptitude to diligently file all of the information required for the assignment process for off-plan re-sales" said Niall Mc Loughlin, Senior Vice President DAMAC Properties .

DAMAC Properties is one of only a few developers in Dubai to be granted the authority to remotely access the Dubai Land Department 's Oqood property registry system. DAMAC Properties ' customer relationship managers have received comprehensive training by the Dubai Land Department , and have been fully certified.

"This is an innovative and time saving initiative implemented by the Dubai Lands Department and the Real Estate Regulatory Authority (RERA) . It will enhance customer satisfaction and improve the process of purchasing an off-plan property in Dubai. It will make it significantly easier to complete transactions for the re-sale of off-plan properties, and that is a positive step for the market" Mc Loughlin added.

The off-plan property sales model allows investors to pay developers in instalments, linked to construction milestones. However, for any number of reasons, some investors are unable to continue making payments and decide to sell the property to a third party, before the development has been completed. In Dubai, off-plan properties are able to be sold to a third party at any stage of construction.

"We recognise that our customers' circumstances change, and we are committed to ensuring that we do everything possible to accommodate their new requirements. If our customers find themselves in a situation where they wish to sell their property, before completion, we want to make that process as simple and as convenient as possible for them," concluded Niall Mc Loughlin.

DAMAC Properties places a strong emphasis and focus on customer satisfaction. The developer is committed to providing uniquely-designed, luxury properties that offer solid investment opportunities across the MENA region.

Further information is available at www.damacproperties.com

-Ends-

DAMAC Properties , part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

2010 was labelled the 'Year of Construction' at DAMAC Properties , during which it aggressively focused on construction and contract delivery to trusted and quality contractors. DAMAC Properties have already delivered 4239 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace) and the Marina (Ocean Heights, The Waves and Marina Terrace) already delivered and is expected to have handed over a further 7 towers comprising 3387 units in 2011.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

The company's projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.

Further information is available at www.damacproperties.com

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC . Tel: +971 4 04 3732190 │ Fax: 00 9714 3732335 │Mobile +971 50 6531824. emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2011