Dubai’s real estate platform aims to cut out agents
Dubai Land Department (DLD) has announced plans for a real estate platform designed to cut out property management and service agents and reduce paper documents. The Real Estate Self Transaction (REST) portal will allow landlords to sell and manage their properties online.
It includes functions like buying and selling and direct links with banks for mortgages. According to Dubai Media Office, a database of properties will allow banks to offer a direct mortgage, deposit the mortgage in the client’s account or decommission the mortgage after a sale and purchase. Landlords will also be able to rent their properties and pay for electricity, water and internet bills remotely, avoiding the need for property management and service agents.
Other functions will include the ability to appoint furnishing and decorating companies, with full access to online floor plans, and the management of all financial obligations relating to owners’ associations and approved trustees. 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.