New UAE online property will enables owners to secure billions worth of property in a few clicks
Only a small percentage of overseas investors and residents are choosing to protect their property assets through a DIFC will, according to the DIFC Wills & Probate Registry.
Recent 2016 figures from the Dubai Land Department (DLD), show that AED 44 billion was invested in the Dubai real estate sector by foreign investors, with UK, Western and Indian investors leading the way. Many of these investors are eligible to benefit from a DIFC will, but are not taking the necessary steps to secure the succession of their property in line with their wishes.
“The truth is you cannot protect your assets with just bubble wrap – you need professional help to ensure your assets and your family are protected for the future. Feedback from the property sector and existing DIFC will registrants, coupled with sustained demand for Dubai and Ras Al Khaimah real estate, led us to simplify an online will to secure rapid protection, as well as the freedom to dispose of real estate asset in line with an owner’s wishes. Designed to match user needs – with features such as including different sets of first- and second-choice beneficiaries for example, and screens optimised for smartphone formats – the on-line property will helps property investors and owners execute important decisions in just a few steps, a few clicks and a few minutes,” said Sean Hird, Director, DIFC Wills & Probate Registry.
WPR’s new online property will has been developed specifically to enable owners of Dubai and Ras Al Khaimah real estate, to draw up a will from anywhere in the world for up to five properties. This can be accessed at www.difcprobate.ae and completed via smartphones, tablets or desktops within 30 minutes.
The online property will has been designed for rapidity, ease of use and convenience, taking the headache out of securing English language, common law legal protection for real estate assets in the two Emirates. Once submitted, there is one final step to take place on-site at the Registry in Dubai - signature for registration and witnessing.
“In 2016 people continued to show confidence in the Dubai real estate market and this is clearly shown by the latest DLD property investment reports. There is a growing number of residents who are buying property to live here and are planning to set up their homes in Dubai long-term. Dubai is internationally recognised as an attractive investment hub for expat residents and international investors – with Indians and Europeans leading the real estate investment market among the non-Arab nationalities. It is important therefore that those spending their money here on property are fully aware of the need to protect their assets and the future of their families through a will registered with WPR,” said Lewis Allsopp, CEO at Allsopp & Allsopp Real Estate.
Registering a will with WPR is one of the basic steps that every non-Muslim with assets in Dubai or raising children here should take as part of their life planning. To make the registration services simple and accessible to everyone, WPR has partnered recently with Dubai’s largest Tas’heel Service Centre for “fast track” will registrations, as well as with a number of leading national and international banks to offer easy zero per cent payment plans for registration.