Dubai Land Department (DLD) has reported plans for the Real Estate Self Transaction (REST), a platform for conducting safe and fast real estate transactions anytime and from anywhere.
The new platform, as part of DLD's commitment to the Dubai 10X pursuit, empowers the total digital administration and management of land exchanges, eradicating paper documents and easing brokerage procedures, an announcement said.
The project is intended to be developed and ready for implementation by the first quarter of 2020.
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.”
He included that the project covers all real estate exchanges, such as buying and selling along with other services such as mortgages.
“As one of our company core values, High Yield Advisors always invests money and effort in innovation and enthusiastically welcomes any technological improvement the Dubai Land Department (DLD) will make. Our business model is built to create complete transparency and seamless investment processes for our clients; with our recent ISO:9001 certification acquisition and these future changes from the DLD we are sure we will be able to definitely enhance our clients’ real estate investment experience.” said Marcello Arcangeli, Partner, High Yield Advisors
By connecting the investor directly to the bank through an innovative application, clients will be able to access mortgage services much easier. Neither one of the parties be needed to be physically present as all property information is accessible on the web.
Utilizing the framework, the banks can offer direct mortgages, deposit the loan amount directly into the in the customer's account, or decommission the mortgage simply in case of sale and purchase.