Renting in Dubai: Rent cheques to be replaced by online payments
The move will not only benefit property managers and landlords, but allow tenants to have more flexible payment options…
The way you pay your rent in Dubai looks set for a shake-up. The Dubai Land Department (DLD) has announced a partnership with Emirates NBD that will see the current system of paying rent by cheque replaced with online payments. Using the Central Bank of the UAE’s Direct Debit System (UAEDDS), tenants will automatically be able to pay their rent through online banking, rather than post-dated cheques.
Moving from a manual to an automated digital system is set to benefit landlords and property management companies, as well as tenants. Landlords and property managers will no longer have to deal in post-dated cheques, while tenants will have a more options for flexible payments. It’s also part of the Dubai Government’s wider vision to become a paperless society.
A date for the launch of the new digital system has not been given.
“The real estate industry in the UAE is one of the best and most competitive in the world, and 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,” commented Sultan Butti bin Mejren, Director General of DLD. “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.”
As part of the same announcement Emirates NBD revealed that overseas investors looking to buy property in Dubai would be able to open a non-resident savings account going forward. This would assist in facilitating their property purchase, and then allow them to pay a property manager or collect rent in a convenient way. Overseas property investors will have the support of a dedicated relationship management team to help them open their accounts.