There’s a smart real estate system coming…
It’s no secret that property is a big deal here in the UAE.
The real estate sector contributes 7 per cent of Dubai’s GDP. According to the Dubai Land Department, that meant 482,262 transactions with a total value of Dhs325 billion between 2014-2016.
Now, the DLD will as part of its 10X initiative introduce a game-changing platform that will shake up the industry. It’s called the Real Estate Self Transaction platform or ‘REST’ that will according to the DLD director general Sultan bin Mejren be a “smart real estate system that allows landlords to trade and sell their properties anytime and from anywhere in the world.”
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For property owners, this platform would allow them to connect directly with banks which can then offer them facilities such as mortgage services and even deposit the money directly into their account.
#Dubai @Land_Department introduces the Real Estate Self Transaction “REST”, a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime. The “REST” project is part of the @Dubai10X initiative, and overseen by Dubai Future Foundation. pic.twitter.com/GpoMovO9UI
— Dubai Media Office (@DXBMediaOffice) May 28, 2018
These landlords, even if they are based overseas, can rent out their properties directly using the platform, as well as remotely pay the property’s monthly electricity, water and internet bills.
An additional feature on this futuristic platform enables it to digitally store the floor plans of your property which can then be shared with furnishing and decoration companies should you wish to remotely commission them to carry out services in your property.
For buyers or those looking to rent in Dubai, this platform is also a major boon as it allows them to deal directly with the property owners, thereby cutting out the real estate agents in the process.
Real estate agents aren’t going anywhere soon though. The platform is expected to be fully operational only by the first quarter of 2020.
According to a report in Gulf Business, plans for a similar blockchain database system allowing tenants to rent a property without handing over cheques or physical documentation was announced by the DLD in October
The 10X initiative under which this platform is being created was introduced at the World Government Summit in Dubai last year. It is a drive to put the government here 10 years ahead of the rest of the world in all areas including transport, banking, public services and real estate, among others.
Frankly, this REST platform when fully implemented could propel the city’s real estate sector and far more than just 10 years into the future.
Images: Getty
