Dubai to enable fully-digitised real estate transactions
The Dubai Land Department is creating a ‘smart’ digitised platform that will eliminate the need for paper documentation of sales and rental transactions and other conveyancing by 2020.
The smart real estate system allows landlords to trade and sell their properties anytime and from anywhere in the world, by removing many traditional limitations in the real estate transaction process. DLD’s platform is intended to be fully operational by the first quarter of 2020.
The platform, called Real Estate Self Transaction, or ‘RESTaims to place Dubai government entities 10 years ahead of the rest of the world in all sectors, including real estate, transport, public services, banking and more. It is a part of the government’s Dubai 10x initiative, overseen by think tank Dubai Future Foundation.
Dubai 10x was unveiled at the World Government Summit Dubai earlier this year.