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Dubai Land Department introduces global virtual real estate platform

Dubai Land Department introduces global virtual real estate platform

Dubai Land
Department
(DLD) has announced
the introduction of the Real Estate Self Transaction (REST), as part of its
contribution to the Dubai 10X initiative.

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.

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