Real Estate Sales Move Online in Dubai

The real estate market has always been proactive in its use of the Internet, and as overseas property investment becomes increasingly popular, the Internet makes the market more accessible to investors worldwide. Now, a site owned by the Dubai government has taken the next step in putting the real estate business online, allowing its clients to go as far as arranging mortgages online and putting down a deposit on their chosen property by credit card. In the time it takes to make a decision and fill out the online forms, clients can secure their property, and only move ‘off-line’ for the last stage in the process - signing and exchanging documents - which is still done in person.

In many real estate markets the buyer needs to see the property before committing, but as many buyers are now global investors, more interested in the bottom line of return on investment than in getting a feel for the neighbourhood, it is no longer necessary for the buyer to visit the property at all. Indeed, in the market of real estate investment, there is often no more than a plot to see at the time of purchase. This sort of market is perfect for the global accessibility afforded by the Internet.

The effects that this advancement in the use of the Internet will have on the real estate market will be interesting. However, whether Dubai is the place in which the canny investor wants to put their money is perhaps questionable. Its popularity with overseas investors since 2002, when foreigners became free to purchase real estate, is undeniable, but it is forecast that as many properties are completed this summer, supply will outweigh demand causing house prices to stabilise or even fall.

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