Eqarat.com unveils online real estate marketplace

The new Arabic/English site, much like an online classified site, is expected to facilitate commercial and residential property acquisition

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By  Massoud Derhally Published  May 29, 2001

The real estate industry in Dubai and the GCC witnessed today the unveiling of Eqarat.com. The new Arabic/English site, much like an online classified site, is expected to facilitate commercial and residential property acquisition. While online transaction initiation is not integrated in the platform, the company aims to broker deals between buyers and sellers within the GCC region.

“Users of the site will have the opportunity to browse through property pages and also get the chance to follow-up with one of our representatives to discuss in detail any purchase or sale of property. Though the initial contact is made through the internet, we are prepared to send our representatives to any country in the Middle East to personally finalise the sale or purchase the property,” explained Ali Al Rahma, founder and sole proprietor.

The online real estate site will display property ranging from Dhs 1 million to Dhs 300 million. The company intends to generate revenue by charging a 1% fee of the transaction’s value to both buyer and seller.

The launch of Eqarat.com coincides with recent legislative reforms related to ownership of property and a 10-15% decline in the real estate market in the region. New investment laws permit non-GCC nationals to purchase property in Bahrain, Kuwait and the UAE. However, the scope of the marketplace is limited. In the UAE for instance, property can be acquired in the Imar or Al Nakhla projects.

Eqarat.com intends to expand its offering beyond the Middle East, foreseeing operations in the Far East and North America.

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