Dubai Land Department (DLD) has introduced the newest online portal for all real estate transactions in Dubai, The Real Estate Self Transaction (REST) platform allows buyers, sellers, tenants, and landlords to seamlessly negotiate in a paperless system.
A part of Dubai government’s “Dubai 10X” initiative, REST aims to equip the city’s property sector by providing a state-of-the-art platform to ease up all real estate transactions and enables complete digitisation of all procedures as well as property management services in Dubai.
DLD’s new project is one of the several “Dubai 10X” initiatives launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation at the sixth edition of the World Government Summit held in February 2018.
According to HE Sultan Butti bin Mejren, Director General of Dubai Land Department, “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 added.
The new online portal will cater property transactions in Dubai including buying, selling, market services, and mortgage application. Using this platform, all parties can easily transact anytime and anywhere in the world.
REST enables users to access all related property data online. It provides the owner a direct link to the bank using a smart application as it allows customers to access mortgage services easily and quickly. The system also allows the bank to offer direct mortgage, deposit the amount on the client’s account or decommission the mortgage directly for sale and purchase.
Furthermore, the online portal enables both landlords based in Dubai and abroad, to rent their properties, and pay all utility bills, eliminating the need for property management and service agents.
Real Estate Solutions, the technical division of Dubai Land Department, is developing and executing the project in partnership with top technology providers, banks, property developers in Dubai, and relevant government agencies.