Dubai will introduce a global digital real estate platform
Dubai real estate is set to be digitised to eliminate bureaucracy and reduce paper documentation.
The smart digitised platform is set to roll out by 2020 and will bring innovation to the industry by introducing the complete digital management of real estate transactions through one platform.
The platform, called Real Estate Self Transaction, or ‘REST’, is part of the government’s Dubai 10x initiative, overseen by the think tank Dubai Future Foundation. Dubai 10X is one of the most ambitious plans of the Emirate yet, that is set to revolutionise key sectors and shake up industries like banking, real estate and transport. Dubai leadership aims to advance its government and achieve a 10-year head start from the rest of the world.
‘REST’ will be an innovative global digital real estate platform geared towards foreign investment since it will involve all players across the real estate value chain such as developers, agents, banks and relevant government entities.
Dubai Land Department (DLD) director Sultan bin Mejren, mentioned that ‘REST’ will allow landlords to trade and sell their properties anytime and from anywhere in the world.
The platform will also optimise the conveyancing process and rental responsibilities while reducing brokerage procedures. Platform users will connect with mortgage providers and banks through a smart application. Online data storage will not require the physical presence of parties ultimately resulting in efficiency and speedy completions no matter what part of the world participants are located.
It’s worth noting that the Dubai Land Department (DLD) is the world’s first government entity to implement all of its transactions through blockchain technology. Our team here at Copperstones is excited to see what the future has in store for Dubai real estate, as we expand our team and portfolio in the Emirate.
Please submit your enquiry and a member of our team will get in touch with you soon.