Dubai Land Department (DLD) has introduced the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties using a paperless system.
REST is part of the Dubai 10X initiative, an incentive that seeks to place Dubai Government entities 10 years ahead of the rest of the world in all sectors.
The new platform enables the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures.
DLD’s new project is one of several ‘Dubai 10X’ initiatives launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, during the sixth edition of the World Government Summit held in February 2018.
HE Sultan Butti bin Mejren, director general of Dubai Land Department, said: “By removing many traditional limitations in the real estate transaction process, the smart real estate system allows landlords to trade and sell their properties anytime and from anywhere in the world.
“We have deployed advanced technologies and real estate systems based on a deep understanding of the needs of property owners. By enabling customers to directly manage all elements of the real estate transaction process online, the platform helps them save considerable time and effort.”
The project covers all real estate transactions such as buying and selling as well as real estate market services including mortgage.
The owner will be lonked directly to the bank through a smart application, allowing customers to more easily access mortgage services as all property data is available online.
Using the system, the bank can offer direct mortgage, deposit the mortgage amount in the client's account, or decommission the mortgage directly in case of sale and purchase.
The platform enables landlords, based both in Dubai and abroad, to rent their properties and pay for electricity, water, and Internet bills remotely, removing the need for property management and service agents.
Real Estate Solutions, the technical arm of Dubai Land Department, is developing and implementing the project in partnership with leading technology providers, as well as developers, banks, and relevant government entities.