Now, you can buy property in Dubai with debit, credit cards!
On 5th May 2021, An article published in the name of Waheed Abbas, principal correspondent, Khaleej Times, Dubai, stated that it is now possible to buy property in UAE with debit and credit cards.
This was made possible because Emaar Development and global digital payment firm Visa have tied up to allow customers in the UAE to buy properties in Emaar projects through their debit and credit cards enabling cashless payments for their property buyers.
In August 2020, Abu Dhabi-based developer Aldar Properties allowed its customers to pay rents by credit cards as part of the company’s ongoing efforts to offer convenient and flexible payment solutions. It is believed that this is where the tie-up is inspired from.
Emaar Development is the UAE-based property development arm of Emaar Properties. The company develops residential and commercial property, shopping malls, and other retail assets and as well as hospitality and leisure attractions.
Emaar Development has delivered over 47,000 residential units since 2002. The company has a sales backlog of over Dh24.605 billion with 26,000 residential units under development. Emaar Properties’ overall property sales during 2020 stood at Dh10.9b, of which Dh6.3b was recorded in the UAE.
Mr. Ahmad Thani Rashed Al-Matrooshi of Emaar Development said, ‘In a fast-growing, digital world, customers would enjoy the plethora of benefits and conveniences that come with the big-ticket realtor being a part of Visa’s global merchant network.’
Mr. Ahmad Thani Rashed Al-Matrooshi is an Independent Non-Executive Director at Emaar Misr for development SAE, a director, and managing director at Emaar Properties PJSC, a chairman at Dubai Property Group, a chairman at Dubai Property Society, a chairman at Emaar Utilities LLC, and a chairman at Emrill Services LLC. He is on the board of directors at Emaar Misr for development SAE, Emaar Properties PJSC.
‘Buying a new home is always a quite thrilling experience, and as partners, we are excited to make that process an even easier one through this partnership with Emaar. It aims to expand acceptance of digital payments for the purchase of Emaar properties and enable UAE residents to make large property-related transactions on their Visa debit and credit cards,’ said Andrew Torre, regional president, Visa. Torre also said that cardholders could also make payments through cards for bookings, down payments, or installments for their new homes without incurring any additional fees’.
Andrew Torre serves as Regional President for the CEMEA region at Visa Inc. In this role, he oversees all of Visa’s operations in more than 90 countries across Central and Eastern Europe, Middle East, and the Africa region and cultivates relationships with Visa’s clients and government authorities. Andrew reports to Visa’s global president, Ryan McInerney, and sits on Visa’s global Operating Committee.
Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards, and prepaid cards.
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