In the two decades since Dubai first emerged as a global hub for financial services, transport and tourism, the Emirate has developed into one of the world’s most dynamic real estate markets, with some $70 billion in transactions recorded in 2018.
Supported by a diversified and open economy and by a growing population, Dubai is a magnet for investment in all segments of the property business, from affordable homes to luxury flats, hotels to shopping malls and office buildings to industrial facilities.
On top of favorable demographics and a strong economy, Dubai’s dedication to transparency and to technology is helping it attract new investors and provide owners and residents with the efficient property services they demand.
The Dubai Land Department (DLD), the government body that oversees the sector, and the DLD’s technology arm Emirates Real Estate Solutions (ERES) are on a mission to introduce the latest innovations into the residential real estate market in order to improve services all across the industry. A result of this effort is it now takes just one hour to register a property in Dubai, making the DLD the fastest real estate transaction registry anywhere in the world.
“Our job is to enhance the lives of everyone who lives in a property in Dubai,” says Khalifa Al Suwaidi, the CEO of ERES. “Whether a resident of Dubai is moving into a new home or selling their house, ERES will make sure that they will receive the most efficient service possible, using the latest technologies to minimize red tape and to ensure a smooth outcome for everyone involved.
“Everybody who works at ERES has their fingers on the pulse of property technology, from mobile apps to blockchain to artificial intelligence. If a new technology can make a difference to the experience of our customers, then we will implement it.”
With that goal in mind, one of the latest innovations to emerge from ERES is Dubai REST, a mobile app that enables property owners, tenants, brokers, investors and other industry players to access a wide range of real estate information and services on their smartphones.
Thanks to REST, it is now possible to buy, sell or lease a property in Dubai online, eliminating any need to visit a government department.
For everyday activities such as checking the current market value of their property in Dubai, calculating rental returns, or paying a service charge, all that an owner needs to do is use the REST app on their smartphone, and they can do this at any time and from anywhere.
“Our job is to enhance the lives of everyone who lives in a property in Dubai.”
Khalifa Al Suwaidi
With initials standing for Real Estate Self Transaction, REST is of particular benefit to the high proportion of people who own a property in Dubai but who live outside the Emirate. Currently, more than 20% of the DLD’s customers are believed to live abroad. If buyer and seller both agree, REST enables them to conclude so-called smart contracts based on blockchain and complete a sale entirely online.
“A potential buyer in America can find a property that he likes in Dubai and buy it from an owner in Spain, all on REST,” Al Suwaidi says. “With REST, we can provide services to homeowners and potential investors from all across the globe.”
REST also covers real estate projects that are still in development. Prospective customers can use the app to check in real time on the progress of any project in Dubai that interests them. REST will show them updated photographs, complete records of site inspections, the latest scheduled completion date, and even details of the developer’s escrow account for customer deposits.
Another part of the market to benefit from the app is Dubai’s international community of renters. REST enables Dubai’s more than 500,000 renters to view and download their tenancy agreements, to register, renew or cancel leases, sign rental contracts, and even to securely submit rental disputes to the authorities using blockchain.
“Renters used to have to go to seven different offices,” Al Suwaidi says. “We have combined all of that into just one mobile application.
“As with all our investments in technology, our main aim with REST is to make life easier for the people who own or live in a property. More than one million customers use DLD services every year, and we want to provide them with the fastest services and the very best user experience in the world of real estate”
As published in Time magazine
