DLD’s new 10X project creates global virtual real estate platform
As part of its contribution to the Dubai 10X initiative, the 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.
The DLD’s new project is one of several "Dubai 10X" initiatives launched by H.H. 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 the aim of placing Dubai 10 years ahead of other cities of the world.
Regarding the project, Sultan Butti bin Mejren, Director-General of the DLD, 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 mortgages. By linking the owner directly to the bank through a smart application, customers can access mortgage services more easily. Neither parties will need to be physically present, as all property data is available online.
The platform 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 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 landlords' properties can be managed, in association with owners’ associations for delivered properties, as well as approved trustees for properties under-construction.
Players across the real estate value chain are partners in the project, including developers, banks and relevant government entities. Emirates Real Estate Solutions, the technical arm of the DLD, is developing and implementing the project, in partnership with leading technology providers.
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