In Dubai, the Dubai Land Department has created a smart property marketplace, known as eMart, where properties are listed for auction. This innovative system enables property owners, brokers and investors among others to streamline their property transactions, from listing to closing deals, all within DLD’s regulatory framework.
Let’s discuss the key features and services offered by eMart.
Key Features
eMart is a secure and trusted communication channel for various real estate stakeholders. Some of the key features of eMart include:
Validated Property Information
eMart ensures the integrity of listed properties by using validated data, enhancing transparency and reducing the risk of fraud.
Auction Listings
Property owners can list their assets on eAuction. By doing so they can attract a maximum number of interested buyers during the marketing period and allow for competitive bidding. This ultimately results in getting the best deals in the market.
Services
eMart offers a suite of e-services that cater to different aspects of real estate transactions in Dubai. These services include:
Selling or Buying a Property through eAuction
Property owners can list their assets for auction, while buyers can participate in auctions, bid on properties and complete the purchase online.
Participate in eAuction
Anyone interested in buying a property can participate in eAuctions, which provide a platform for competitive bidding.
Bidding on Properties
eMart allows buyers to place bids on properties they are interested in, fostering a competitive market and enabling fair pricing.
Procedure
To join eMart, you can choose your user category from a range of options, including registering as an owner, owner representative, owner company, buyer, real estate company or broker.
To fully understand how eMart functions, let’s explore the procedures involved in selling or buying a property through the platform.
Selling a Property on eMart
Once you are registered as a seller, you can list your property on eMart for auction. To register as a property owner, follow these steps:
- Head over to the ‘Register’ option on the official website of eMart.
- Select the option ‘Owner’ and fill in the required information including owner number and title deed number, year and property type.
- Click on ‘Next’ to move on to the next step.
- Now, you have to accept the terms and conditions set by eMart.
- Once accepted, you will now have to provide your account details and submit the property registration documents.
- Once you complete the registration process, you will be able to list your properties for auction on eMart.
List of Required Documents
Moreover, to sell a property through an auction on eMart, a seller must provide the following documents:
- A Valuation Certificate obtained from DLD is required and it must remain valid for six months. If the certificate is intended for a different use, the property’s value will be reduced by at least 10% of the certificate’s value. You can get your property evaluated by these RERA-approved property valuation companies in Dubai.
- Title deed
- Site plan by DLD
- Site plan by Dubai Municipality
- Property sale declaration, signed by the owner or the legally authorised representative. The declaration must be valid for two years from the date of issuance. Alternatively, if the auction is conducted based on a court decision, a court verdict is required. DLD reserves the right to present the property for auction either through eMart or a public auction.
- Property statement confirming specifications which are identical in real. Such as room, bathroom, hall, kitchen, parking, annexes, apartments, floors, income, age, area and service charges.
- No Objection Certificate for property sale issued by the competent authority (the developer or the owners’ association).
- A statement committing to vacate and deliver the property within one month from the sale date.
Fees for Property Sales via eMart
Fees for property sales are as follows:
- 1% of the sale value (capped at AED 30,000) for supervising a public auction.
- AED 10,000 for the electronic auction.
Buying a Property Listed on eMart
Individuals interested in buying a property should register as buyers on the platform. However, regardless of your chosen category, all registered users can purchase properties listed on eMart.
To register as a buyer, follow these steps:
- Navigate to the ‘Register now’ section on the official eMart website and select ‘Buyer’.
- Provide your account details, basic information and contact information. Also, upload a copy of your identification document.
- Click the ‘Register’ button.
- With your registration complete, you can now log in to eMart.
How to Bid on a Listed Property
Once you are registered as a buyer, you may bid on the properties listed on eMart by following these steps:
- Browse through listed properties, select the one you’re interested in and initiate the buying process.
- To pay the bidding security deposit, buyers must register with Noqodi, the payment gateway associated with eMart.
- Submit a bidding request and pay the participation deposit to enter the auction.
- Engage in the bidding process to secure the property you desire.
- Once the bidding process is successful, complete the payment through the secure online channel eMart provides.
Once you have bought a property through eMart, you can register the auctioned property in Dubai.
FAQs
What if I forget my eMart account password?
You can recover your eMart password by visiting the ‘Forgot password page’ on the website. Here you will have to provide the below details:
- Username
- Email address
- Secret Question and Answer
How do I contact the eMart customer support?
The eMart customer service can be reached by calling at 8004488 or by sending an email to support@eres.ae.
How much does an eMart account cost?
The eMart account registration is free of charge.
How much does it cost to list a property on eMart?
Listing a property on eMart is free of charge.
That is all about the features and services of eMart. The online auction platform by DLD is a game-changer in Dubai’s real estate market. It offers a comprehensive platform for property transactions, from listing to auction and closing deals, ensuring transparency, trust and compliance with Dubai Land Department regulations.
As the real estate industry continues to evolve, eMart stands at the forefront, offering a streamlined and innovative approach to property transactions that benefit all stakeholders in the Dubai real estate market. However, if you want to opt for property auctions, here we have discussed about the renowned property auctioneers in Dubai.
That said, if you don’t want to indulge in property auctions, here are a plethora of properties for sale in Dubai. Go through them and choose the one that best suits your requirements.
For more information on property-related services in the UAE, stay tuned to the dubizzle property blog.
