Dubai – Mubasher: Dubai Land Department (DLD) has revealed plans to launch a new platform under the name of Real Estate Self Transaction (REST) to conduct online real estate deals.
The new platform will enable its users to trade and sell their properties anytime and from anywhere in the world, according to DLD’s statement.
"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,” Sultan Butti bin Mejren, director general of DLD, said.
REST will allow landlords to complete digital management of real estate transactions, scraping paper documents and reducing brokerage procedures.
“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,” bin Mejren commented.
Under the new system, banks can offer direct mortgage, deposit the mortgage amount in the client's account, or decommission the mortgage directly in case of sale and purchase.
Moreover, REST’s users can also deal with furnishing and decoration companies to manage the interior design and furnishing process by providing full access to online floor plans, Dubai's state-run utility noted.
The online platform will be fully developed in the first quarter of 2020, the statement showed.
