CEO of Binghatti Developers says new virtual platform will encourage people to 'massively invest in the Dubai property market'
The CEO of a Dubai-based developer has hailed plans by Dubai Land Department (DLD) to launch a global virtual real estate platform.
Muhammad BinGhatti, CEO and head of architecture at Binghatti Developers said the new smart platform, which will move real estate deals online, will encourage investment in Dubai as it will reduce numerous costs.
He said the new platform will encourage investors to "massively invest in the Dubai property market".
He said: "This digitised platform is expected to speed up the development of Dubai’s real estate sector as investors will be able to take investment decisions through a complete set of advanced digital procedures eliminating paper documents.
"Equipped with advanced technologies and real estate systems, this platform will enable investors to manage their properties at any time and from anywhere in the world. DLD’s platform will encourage investment in Dubai as it will reduce numerous costs and increase the satisfaction and happiness of investors, especially foreign ones".
DLD on Monday announced plans for the Real Estate Self Transaction (REST), a platform for conducting real estate trading and transactions with multiple parties anywhere and anytime.
The new platform, part of DLD's contribution to the Dubai 10X initiative, enables the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures.
It added that the project will be fully developed by the first quarter of 2020.
Binghatti added: "DLD’s new digital platform will strengthen Dubai's position as one of world’s best real estate investment destinations, as it will enable investors to execute all real estate trading transactions without personally going to service centres or Dubai Land Department’s headquarters."