Landlords Will Be Permitted To Offer Tenants Flexible Payment Schedules
With the help of the Central Bank of the UAE’s Direct Debit System, the Dubai Land Department & Emirates NBD will shortly automate and digitize rental cheque payments (UAEDDS). This implies that rather than writing checks to make payments, tenants may use their bank accounts. This practice will be advantageous to tenants, who can take advantage of flexible payment schedules. As well as landlords & property management businesses, who will no longer need to manually manage post-dated checks.
The new project is in line with both the Dubai 10X plan and the ambition of the Dubai Government for ecosystems of paperless payments. Individual foreign investors who are interested in buying real estate in Dubai also can open non-resident savings accounts with Emirates NBD. In addition, handle their purchases and rent payments through them.
Mr. Excellence In line with our mission to present a regulatory structure in service of tenants. As well as property owners, we have collaborated with Emirates NBD. This is in line with our efforts to completely digitalize our services in accordance with the Dubai Paperless Strategy. Sultan Butti bin Mejren, Director General of DLD, stated, “The real estate industry inside the UAE is one of the best and the most competitive in the world. By using progressive manipulations on the way to replacing the current legacy systems, these collaborations will aid in the facilitation and streamlining of the procedures involved in the real estate market.
“Emirates NBD is excited to partner with Dubai Land Department on such strategic initiatives. Which will help in providing tenants and landlords with an easier, automated rent collection and treatment system. As well as facilitate property buying by new non-resident investors,” said Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD.