Real estate rental payment in Dubai is going digital
Rental cheque payments in Dubai will soon be automated and digitised, following a partnership between the emirate’s real estate regulator and biggest bank.
The collaboration between Dubai Land Department (DLD) and Emirates NBD will allow tenants to make direct rental payments using their bank accounts, instead of issuing cheques.
Landlords and property management companies will also be able to “eliminate activities required to manage post-dated cheques manually,” they said in a statement.
“As part of our mission to present a regulatory environment in service of tenants and property owners, we have partnered with Emirates NBD in line with our efforts to fully digitalise our services as per the Dubai Paperless Strategy,” Sultan Butti bin Mejren, director general of DLD, said.
He added: “Such collaborations will help facilitate and streamline the processes involved in the property market by employing progressive machinations on the path towards replacing the legacy systems in place.”
Also under the deal, foreign individual investors who are looking to purchase properties in Dubai could open non-resident savings accounts with Emirates NBD. This will allow them to facilitate their purchase and manage rent collection conveniently, according to the release.