The Dubai Land Department rolled out Manzili, an online calculator that matches prospective buyers to new and off-plan properties based on their savings and budget.
"This innovative initiative was based on facts set in place by real estate companies and the Emirate's public investment landscape that anyone can buy the right home, find a home financing plan or even start saving to purchase a property," said Majida Ali Rashid, chief executive of the promotion and real estate investment management sector at DLD, on Monday.
Interested buyers fill out their name, mobile number and email on the website at www.manzili.ae, along with "current savings" (the cash in hand for a down payment) and "monthly savings" (affordable monthly budget for instalments). The Manzili calculator then generates a list of Dubai real estate projects that match the given budget.
For example, a search for Dh200,000 in current savings and Dh10,000 in monthly savings comes up with one result: a Dh485,000 studio still under construction with handover in the forth quarter of 2021. The listing requires a down payment of 5 per cent and offers a two-year post-handover payment plan. It also includes a “Manzili special” — a waiver of 50 per cent off DLD fees.
If the savings amount entered is too low, the National Bonds logo pops up with the message: “You are close to your dream. A financial planner from National Bonds will contact you soon to design the right savings plan for you”.
Upon submitting the information, searchers also receive an email from the Manzili team that says “our sales team will be in touch with you in a short while” and adds “we will also help you secure finances at very convenient terms”. It includes a toll-free number and a WhatsApp number.
The number of projects on the website is still low with only 33 listed from six developers, including Dubai Holding, Dubai Properties, Ellington, Emaar, MAG Property and Meraas. One can search by developer, location, property type (apartment, town house or villa) or project status (new launch, under construction and ready to move in).
In May, the DLD and Mashreq Bank launched an e-mortgage platform to record transactions.
“We will continue our efforts to develop partnerships and co-operation with the private sector as well as work together to provide a globally attractive investment environment, achieve the strategic objectives of the government in the real estate sector, and encourage investment in it,” said Sultan Butti bin Mejren, director general of DLD.