REST – A digital game changer for Dubai’s real estate & property market
Cutting edge technology, an innovative mindset and an eye on the future are what Dubai has come to epitomise in the present decade. Technology innovation is one of the country’s primary objectives, as evidenced by Smart Dubai 2021 – His Highness Sheikh Mohammed Maktoum’s revolutionary new initiative to propel economic growth. Led by this vision, the growth of the urban middle-class and the stability of the real estate market, the government of Dubai has announced plans to set up REST, an online platform that envisions taking all real estate dealings online, to be accessed by anyone across the world.
Dubai has always empowered its public and private stakeholders to build a city where services integrate seamlessly, resources are optimised and people valued for their contribution to the city’s business landscape. Towards this end, it has placed people’s happiness as the driver of its growth. The city was ranked 28th on the Innovation Cities Index 2014, and has prioritised ‘Innovation’ as a key driver of its 7-year agenda through the Dubai Plan 2021. Rather than springing new initiatives, the government has constantly worked towards channelling existing ones into a unified strategy prioritised towards specific areas, real estate being one of prime focus.
Real-estate is a USD 217 trillion asset class globally, and adapting to technology interventions at a rapid pace. In Dubai alone, people across three generations have lived with digital transformation for several years, and are ready for what the future unfolds. The Smart Dubai 2021 initiative features digital interconnectedness, cutting edge ICT innovations, and lean and disruptive technologies that are completely backed by the government.
The ‘Real Estate Self Transaction (REST)’ portal announced by Dubai Land Department (DLD) is specially designed to cut out third party property agents and management, manage online deals and reduce paper documentation. Besides specialised functionality such as buying, selling and mortgaging with banks, the platform is aimed to introduce greater transparency, make business seamless and real-estate listings accessible anywhere across the world.
Traditional limitations in the real estate transaction process, including money exchange and documentation processes can be very cumbersome. More the number of processes, greater are the chances of errors and mismanaged records. The smart real estate portal is designed to do away with these roadblocks, allow landlords and owners to rent and sell properties at the click of a button, pay bills remotely and remove the work of middle men.
An all-encompassing property database will allow banks to mortgage, sell and purchase properties directly, view past transactions and dealings. The portal is also designed to tie up with furnishing companies, trustees, owners association and all relevant third parties. Every aspect of the interaction, including floor plans and billing is designed to interface with the platform, always accessible real-time.
Property developers and industry watchers, have backed this pathbreaking government initiative wholeheartedly. With the aim of providing good quality experiences for buyers and vendors using technology, the initiative will also build on achieving trust and goodwill boosting the country’s economy even further.