As part of its contribution to the Dubai 10X initiative, Dubai Land Department (DLD) has announced the introduction of the Real Estate Self Transaction “REST”, a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime. 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 His Highness 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, with aim of placing Dubai 10 years ahead of other cities of the world.
Removing many traditional limitations in the real estate transaction process, the smart real estate system allows property owners to trade and sell their properties anytime and from anywhere in the world by deploying advanced technologies and real estate systems based on a deep understanding of the needs of property owners.
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 the mortgage.
By linking the owner directly to the bank through a smart application, customers can more easily access mortgage services. Neither parties will need to be physically present at 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 property owners, based both in Dubai and abroad, to rent their properties and pay for electricity, water, and Internet bills remotely, avoiding the need for property management and service agents. It also enables owners to appoint furnishing and decoration companies to manage the interior design and furnishing process by providing full access to online floor plans. All financial obligations of property owners' properties can be managed in association with owners associations for delivered properties and approved trustees for under-construction properties.