The Dubai Land Department (DLD) has introduced the ‘REST’ platform to help resident and overseas property investors carry out real estate trading and transactions with multiple parties anywhere and at any time.
The Real Estate Self Transaction (REST) platform can cover all real estate transactions such as buying and selling, as well as real estate market services including mortgages.
REST will allow complete digital management, eliminating paper documents and reducing brokerage procedures.
In addition, REST will allow 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.
Overseas property investors will even be able to arrange decoration and furnishing of their properties remotely, as floor plans can be accessed online.
Mortgages and financials can also be completed remotely, as the platform will link investors with banks through a smart application. Neither party will need to be physically present as all property data will be available online.
Using the system, the bank can offer a direct mortgage, deposit the mortgage amount in the client’s account, or decommission the mortgage directly in case of sale and purchase.
Various partners have already signed up to the scheme, such as developers, banks and relevant government entities.
Sultan Butti bin Mejren, Director General of DLD, commented: ‘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 REST platform is expected to be fully developed by the first quarter of 2020, and will then enable landlords and property investors to rent, trade and sell their properties anytime and from anywhere in the world.