As major changes get underway in the structure of the Dubai Land Department, the body has announced a new digital real estate trading platform.
The Real Estate Self Transaction (REST), enables digital real estate transactions to occur without the need for paper documents, while reducing brokerage procedures.
The new platform has been unveiled as part of the DLD’s contribution to the Dubai10X initiative, which was launched by His Highness Shaikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, during the World Government Summit back in February.
REST and other Dubai 10X initiatives are aimed at moving Dubai ahead of other world cities in terms of development by 10 years. Buying and selling can be conducted on REST, alongside real estate market services including mortgage payments.
Landlords, meanwhile, can rent properties and pay for utility bills remotely using the REST app, which negates the need for property management and service agents.
The app is being developed by the technical arm of DLD, Emirates Real Estate Solutions, and is expected to be operational by the beginning of 2020.
His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department said:
“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.”
The app’s unveiling follows a restructuring of the DLD, announced by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
The new structure includes the Real Estate Regulatory Agency, RERA, the Dubai Real Estate Institute, DREI, and the Rental Disputes Centre, RDC.
Pursuant to the Resolution, the departments of Monitoring and Risk Assessment, Strategy and Corporate Development and Legal Affairs report to the Director General. The organisational structure features three main sectors – Corporate Support, Real Estate Registration services and Real Estate Investment Promotion.
The Corporate Support sector is composed of Trusts and Reparation, Corporate Communication, Human Resources Happiness, Finance, Administrative Affairs and Information Technology. The Real Estate Registration sector is composed of Customer Happiness, Real Estate Valuation, Real Estate Registration, and Survey. The Real Estate Investment Promotion sector is comprised of Real Estate Promotion, Real Estate Studies and Real Estate Development.