The time we’ve all been waiting for has finally arrived! The latest incentive being offered to cash-strapped customers is payment of rent by credit cards. This is a very convenient and flexible payment solution method.
The Real Estate Industry in the UAE is one of the best and most competitive in the world and this initiative would help strengthen its roots even further. The Dubai Land Department (DLD) in partnership with Emirates NBD, is going to replace the current system of paying rent by cheque with online payments. By using the Central Bank of the UAE’s Direct Debit System (UAEDDS), tenants will automatically be able to pay their rent through online banking, debit or credit cards rather than post-dated cheques.
This automated digital system will not only benefit landlords and property managers but tenants as well. Landlords and managers will no longer have to deal in post-dated cheques while tenants will have more flexible payment options.
To add to this announcement, Emirates NBD revealed that oversea investors looking to buy property in Dubai would be able to open a non-resident savings account as well. It is also one of the many initiatives by the Dubai Government to become a paperless society.
