As part of its contribution to the Dubai 10X initiative, Dubai Land Department (DLD) unveils its ‘smart’ digitized real estate platform designed for conducting real estate trading and transactions with multiple parties through a paperless system, Invest-Gate reports.

The Real Estate Self Transaction (REST) platform, which is intended to be fully operational by the first quarter of 2020, will allow landlords to sell and manage their properties online as it features functions like buying and selling and direct links with the bank for mortgages, according to a statement issued by Dubai Media Office on Monday, May 28.

“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,” said DLD Director General Sultan bin Mejren in the agency’s statement.

According to him, REST’s users will be able to remotely rent their properties and pay for their internet, water, and electricity bills, and thus, shunning the need for property management and service agents.

The virtual platform also enables landlords to appoint furnishing and decorating companies to handle their properties’ furnishing process by providing access to online floor plans, as well as, the management of all financial obligations related to the owners’ associations and approved trustees, he adds.

The project was launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, during the sixth edition of the World Government Summit held in February 2018, aiming to place Dubai government entities 10 years globally ahead among all sectors.