160,000 Units Registered On Oqood

There are currently around 160,000 units registered on the Dubai Land Department's online off-plan registration system, Oqood, a senior official told Gulf News. There are around 160,000 units uploaded and of that, I think 12,000 are sales and have been transferred," Mohammad Sultan Thani, assistant director general of the Dubai Land Department (DLD), said on Tuesday. By the end of January, about 109,322 off-plan units had been registered according to Emmad Al Din Farouq, senior legal counsel at DLD. Oqood allows the registration, tracking and collation of all real estate contracts in line with Dubai Land Department regulations. No registered property sale or transfer can take place unless it has been registered on the Oqood system. The system covers off-plan properties only. Meanwhile, Shaikh Maktoum Bin Hasher Al Maktoum, president of Al Fajer Properties, said the first property transfer of his company has now taken place and the new guidelines and system would install further transparency and confidence in the market. We are delighted to see the rapid implementation and use of the Oqood system within the sector," said Ahmad Al Qaizi, chief executive of Emirates Real Estate Solutions, which helped develop the Oqood system.