Dubai Land Department (DLD) has unveiled the Real Estate Self Transaction (REST), its newest platform that comes as part of the Dubai 10X initiative which seeks to place Dubai governmental organizations ahead of those of the rest of the world.
REST will enable the complete digitalization of the real estate transactions and, eventually, the elimination of the paper works to reduce the cost and time needed to perform those transactions.
In his comment on the new platform announcement, His Excellency Sultan Butti bin Mejren, the general director of Dubai Land Department explained that REST will allow the properties’ owners to sell their properties from anywhere and at any time by eliminating the constrictions of the real estate transaction processes.
REST platform will cover all the real estate transactions, including buying and selling, in addition to the real estate market services (e.g. mortgage). Through a smart phone application, the landlords will be connected directly to their banks; this way, they will be able to easily access the properties’ data.
Through the application, the bank will offer direct mortgage services and transfer the amount into the client’s account. The platform is being developed by Real Estate Solutions, the technical arm of DLD, in cooperation with the leading UAE technology providers, developers and banks.