Abu Dhabi Commercial Properties signs onto Tawtheeq, the electronic real estate register.
Property database signs first participant
ABU DHABI //The Abu Dhabi Municipality has signed up its first participant in Tawtheeq, the electronic real estate register.
Abu Dhabi Commercial Properties (ADCP) signed an agreement with the municipality yesterday to use the standardised system, which will keep track of rental contracts and allow tenants and property owners to conduct rental transactions online.
According to Owaida al Qubaisi, the acting executive director of the municipal services section at the municipality, the partnership is the first of a number of deals that will be signed in the next six months.
"The aim of launching Tawtheeq is to form a platform for streamlining the relationship between the concerned parties of the leasing process and maintaining their rights in full conformity with the vision of the municipality," he said.
The first phase of Tawtheeq, launched last month, requires property owners and property management companies to register at a cost of Dh1,000 per property and Dh5 per unit. Registering, renewing or modifying a rental contract using the system will cost between Dh50 and Dh100. It is now mandatory to register all leasable properties and file tenancy contracts through Tawtheeq.
Officials said statistics and reports on available properties would be made public once the database was in wide use.