The Land Department of Dubai announced recently a new initiative to create an online platform Real Estate Self Transaction, or REST. All transactions in the Dubai property market will be implemented through this platform in the near future, which is intended to increase the efficiency and security of the sector.
It is designed for transactions such as purchase and sale transactions, mortgage lending and rent, which is the most important if the investment in real estate is carried out from abroad.
The essence of the REST initiative
Thanks to the innovation, it will become possible to buy an apartment in Dubai or another object via the Internet. REST will allow real estate transactions online from start to finish. Thus, operations can be carried out at any time from anywhere in the world.
Representatives of the department promise that the system will begin to function in the I quarter of 2020.
Impact on the market
Various market participants enthusiastically accepted the news, but many say that it is too early to talk about the potential impact of the innovation system on the market. In many ways, this depends on the prevalence of technology in the market.
The fate of real estate agencies
Despite the fact that with the beginning of the functioning of the system it will be possible to buy an apartment in Dubai, having completed all operations on the Internet, the services of agencies will continue to be in demand. So, their activities will not disappear with the advent of REST.
The experts say that in most cases people who commit one of the most important purchases in their lives will continue to rely on professionals. The role of agencies as information owners is gradually fading, but online platforms, unlike specialists, can not inspect objects, negotiate prices and terms of a deal, evaluate buyers and bargain. So, the human component will evolve with technology, but will not disappear completely in the near future, and certainly not by 2020.
The same opinion was announced in the consulting company CBRE, believing that, despite the efficiency and economy offered by the new system, many investors will prefer to use the services of professionals to qualitatively assess risks and transaction parameters.