Dubai launches ‘world-first’ real estate transaction technology
The Dubai Land Department (DLD) has launched a world-first initiative that will make it easier for the city’s investors and tenants to make property-related transactions from anywhere in the world.
Launched as part of the city’s Blockchain Strategy at this week’s GITEX Technology Week in Dubai, the system utilises an advanced database which records all property-related transactions made in the Emirate, including property acquisitions and leasehold agreements.
The database is linked to the Dubai Electricity & Water Authority (DEWA) and other government utilities and services to enable customers to make property-related transactions easily and efficiently, from anywhere in the world.
The system, which was launched under the slogan, ‘Simple, Secure, Fast’ underpins the Dubai government’s strategy to enhance the appeal of the city’s property market to investors.
“Our adoption of this system is aligned with our commitment to responding to the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world,” said Sultan Butti bin Mejren, the director-general of DLD.
“Following the launch of the Dubai Blockchain Strategy by HH Sheikh Hamdan bin Mohammed in October 2016, which aims to make Dubai the first government in the world to apply all transactions through this network by 2020, DLD created a smart and secure database that records all real estate contracts. This makes DLD the first government entity in the world to implement all of its transactions through the blockchain network.
“This is a major step toward cementing Dubai’s position as the world’s smartest city, expanding our online partnerships with all government entities and real estate parties that our customers need to complete their transactions,” concluded Mejren.
Bin Mejren added that other stakeholders are expected to join the service in future, including banks and other mortgage providers.