Video: How Dubai is taking the real estate business online

Wed 06 Jun 2018 11:21 AM GST
In a bid to improve efficiency in the market, Dubai's government last week announced plans for the Real Estate Self Transaction (REST), an online platform that will allow real estate trading transactions to be transactions to be conducted anywhere and anytime, with multiple parties.

The plans, which were unveiled by the Dubai Land Department (DLD), are part of the government entity’s contribution to the Dubai 10X initiative and will enable real estate transactions to be conducted – from start to finish – online, thereby eliminating paper documents and cutting down on brokerage procedures. According to a DLD statement, the project will be fully developed and available for use by the first quarter of 2020.

While experts are welcoming the move, many note that it is still too early to tell what the ultimate impact will be on the real estate business, and agents say that while the system will certainly be positive for the sector, real estate agents and the “human element” of the business is here to stay.

In this episode of Inside AB, Jeremy Lawrence and Bernd Debusmann discuss the project and what real estate industry insiders are saying about what it means for the future.

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(Source: Arabianbusiness.com YouTube channel)