Abu Dhabi Global Market (ADGM) announced the launch of the Virtual Sell and Purchase, a first of its kind real estate service that enables multiple steps within property transactions to be completed virtually by buyers, sellers, and associated banks.

The service integrates three key procedures — Discharge of Mortgage, Register a Transfer, and Register a Mortgage — into a single digital process.

By bringing all parties together on an online platform, the system is intended to simplify property transactions and reduce the time typically required to finalise deals.

A central feature of the service is its virtual presence function, which enables participants to complete their respective parts of a transaction without the need for physical meetings or document exchanges.

The system has been designed to meet security and compliance standards while aiming to improve operational efficiency.

The Virtual Sell and Purchase service is available through AccessRP, ADGM’s digital property platform, developed in partnership with ADRES.

AccessRP offers a range of services for real estate transactions including sales, purchases, off plan developments, and mortgage arrangements.

Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM, said:

“The launch of the Virtual Sell and Purchase service marks a significant milestone in our ongoing efforts to enhance ease of doing business and reinforces customer experience in the real estate sector. We are not only making services simpler and faster, but we are also redefining what a real estate journey should look like in a modern, digital economy.”

ADGM said the introduction of the service is part of its broader strategy to encourage digital transformation in the real estate and financial services sectors.

Featured image credit: ADGM