What is Oqood? A Guide to Dubai’s Real Estate Registration System

What is Oqood?

Oqood refers to Dubai’s real estate registration system for off-plan properties. Operated by the Dubai Land Department (DLD), it plays a critical role in recording and managing contracts between developers and buyers. 

The word Oqood, which translates to "contracts" in Arabic, reflects its primary purpose: ensuring secure agreements within the real estate market. Unlike traditional title deeds, which are issued upon completion of a property, an Oqood certificate is issued for transactions involving properties still under construction.

This system is designed to build trust by protecting the rights of all parties in off-plan real estate. 

How Does Oqood Work?

In Dubai, Oqoodis a digital platform managed by the Real Estate Regulatory Agency (RERA), a branch of the Dubai Land Department. Its primary role is to document sales contracts for off-plan properties, ensuring compliance with legal regulations. 

Here’s a breakdown of how it works:

• Developer Registration: Property developers must first register the project and ensure all documentation is approved.

• Buyer Registration: Once a sale agreement is finalised, the buyer's details are entered into the system.

• Digital Certificate: The system generates an Oqood certificate as proof of ownership rights over the off-plan property.

• Regulatory Oversight: RERA monitors these registrations to prevent fraudulent activities.

With digital processes, Oqood registration makes it easier for buyers to track their investments and stay informed.

Benefits of Oqood in Real Estate

Dubai’s introduction of Oqood has streamlined off-plan property transactions while offering several key advantages.

Oqood Registration Process

Navigating the Oqood registration process is straightforward when you know what to expect. Follow these steps to ensure your property transaction is correctly registered:

1. Developer Submission: The developer initiates the registration by uploading details of the sale agreement onto the Oqood platform.

2. Document Verification: Supporting documents, such as the buyer’s passport and Emirates ID, are submitted for verification.

3. Payment of Fees: Buyers must pay Oqood registration fees, calculated as a percentage of the property’s value.

4. Certificate Issuance: After completing the above steps, the buyer receives the Oqood certificate, confirming the registration.

Oqood Registration Cost in Dubai

The cost of registering an off-plan property through Oqood is an important consideration for buyers. The Oqood registration fees are typically 4% of the property’s sale value, in line with Dubai Land Department fees and regulations.

Here’s a quick summary of the associated costs:

Conclusion

Understanding what Oqood is and its role in Dubai’s real estate market is crucial for off-plan property buyers. This system provides transparency, legal security, and streamlined processes, ensuring smoother transactions. From the Oqood registration process to obtaining your Oqood certificate, every step has been designed to protect buyers and build trust in the market. 

Whether you’re investing in Dubai for the first time or expanding your portfolio, familiarizing yourself with Oqood Dubai will empower you to make informed decisions. If you have further questions, Engel & Völkers is here to help. Reach out today to simplify your property journey.