Investors in Dubai’s real estate can sell or rent their properties online from anywhere — through the Dubai Land Department’s ‘REST’ platform.
This covers the entire digital management of these transactions and helps eliminate paper documents and “reduce brokerage-related procedures,” the Land Department said in a statement.
The mention of cutting down on broker involvement is notable. With more transactions being conducted online, these investors will need to spend less on broker commissions and the like.
The project is to be fully developed by the first quarter of 2020.
REST — which stands for Real Estate Self Transaction — is part of Dubai’s 10X initiative, launched by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future.
“We have deployed advanced technologies and real estate systems based on a deep understanding of the needs of property owners,” said Sultan Butti Bin Mejren, director-general of the Land Department.
“By enabling customers to directly manage all elements of the real estate transaction process online, the platform helps them save considerable time and effort. 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.”
The platform enables landlords — based here or abroad — to rent properties and pay for utility and internet bills remotely, “avoiding the need for property management and service agents”, the government agency said in a statement.
“It also enables owners to appoint fitout companies to manage the interior design by providing access to online floor plans. All financial obligations on these properties can be managed in association with owners associations for delivered properties and approved trustees for under-construction properties,” the agency said.
Also, by linking the owner directly to the bank through an app, customers can access mortgage services.
“Neither party will need to be physically present as all property data is available online,” the agency added. “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.”
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