Dubai Land Department introduces global virtual real estate platform
REST is 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.
The platform covers all real estate transactions such as buying and selling as well as real estate market services including mortgage. The project is scheduled to be fully developed by the first quarter of 2020 and is expected to significantly reduce costs and enhance customer satisfaction.
According to Mr Sultan Butti bin Mejren, Director General of DLD, 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,” he said.
REST enables landlords, 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 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 landlords' properties can be managed in association with owners’ associations for delivered properties and approved trustees for under-construction properties.
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 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.
Partners of the project involve all players across the real estate value chain such as developers, banks and relevant government entities.
The project is developed by the Emirates Real Estate Solutions, the technical arm of Dubai Land Department, is developing and implementing the project in partnership with leading technology providers. According to the announcement, the planning and implementation of the project is led by a team of highly qualified young Emirati professionals.
As reported earlier, in October 2017, the Dubai Land Department (DLD) became the world’s first government entity to implement all of its transactions through blockchain technology. DLD has created the Blockchain system using a smart and secure database that records all real estate contracts, including lease registrations, and links them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property related bills.
The Dubai 10X initiative was launched by Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, in February 2018, with aim of placing Dubai 10 years ahead of other cities of the world. Government bodies across sectors are joining in the effort to implement their projects in collaboration with innovative tech companies.