The new digital platform will allow rental transactions to take place 24/7 without landlords being present…
Moving house in Dubai can be a stressful process, but a new platform has just been announced that’s set to take the stress away.
The Dubai Land Department (DLD) has revealed it is set to introduce a new digital platform called Real Estate Self Transaction “REST”. The new platform, forecast to be developed by 2020, will allow real estate trading and transactions between multiple parties to happen anywhere and anytime around the world, without tenants and landlords being present.
This also means that the complete digital management of real estate transactions would eliminate paper documents and as such, remove the need for real estate brokers.
The platform will cover all real estate transactions including buying and selling, as well as mortgage services. It also plans to link owners directly to the bank via a smart application, meaning payments can be made without either party being present as all data for the property would be on the system.
#Dubai @Land_Department introduces the Real Estate Self Transaction “REST”, a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime. The “REST” project is part of the @Dubai10X initiative, and overseen by Dubai Future Foundation. pic.twitter.com/GpoMovO9UI
— Dubai Media Office (@DXBMediaOffice) May 28, 2018
Landlords will also be able to pay for bills such as electricity, water and internet remotely, which would mean there would be no need for property management or service agents. There will also be a feature that lets owners appoint companies to oversee the furnishings and interior design of properties, by easy to access floor plans.
Emirates Real Estate Solutions, the technical arm of Dubai Land Department, is developing and implementing the project in partnership with leading technology providers, and developers, banks and relevant government entities also involved.
The new project is part of a larger initiative launched by HH Sheikh Hamdan, which aims to places Dubai ten years ahead of other cities in the world.
We look forward to seeing it take shape.