The Dubai government's plans to create a digital real estate platform to oversee sales and rental transactions by 2020 will reduce the need for ‘pure’ brokerage services and force agents to up their game, industry experts said.
“While the new smart system has been positively received by the market, it could have a negative impact on the residential brokerage industry, reducing demand for agency services and even the number of agents in the market,” said Mat Green, head of research and consulting UAE at CBRE Middle East.
The Dubai Land Department last week unveiled plans for a digitised platform based on blockchain ledger technology, called Real Estate Self Transaction, or ‘REST’. The system will enable “the complete digital management of real estate transactions, eliminating paper documents and reducing brokerage procedures,” the department said.
The new platform is part of the Dubai 10x initiative, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate. It is a key plank of the UAE’s plans to advance its digital economy and further diversify from oil.
The new platform will require real estate agents to “up their game and demonstrate how they can add value to their clients by negotiating a better deal than they could get themselves,” said Craig Plumb, head of research at consultancy JLL Mena.
The UAE property market has suffered a slowdown amid the three-year oil slump, which led to cutbacks in government and consumer spending and slashed sales and rental prices. With the market forecast to decline further in 2018, the government has sought to encourage greater investment by removing bureaucracy.
As well as storing sales and lettings documentation online, DLD’s platform will offer other features that remove the need for third parties including: linking buyers with mortgages; enabling landlords to pay utility and service charges via the system; commission interior designers to decorate a new-build unit, and appoint property managers to look after the asset for a remote investor.
“This poses a potential threat to the role of ‘middle men’ such as brokers and agents,” Mr Plumb said. “The better agents will adjust and survive, while the less able and professional will be replaced by new technology.”
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The system will be a game-changer, said Mr Green, particularly for the completion of off-plan transactions which are inherently less emotional. However, when assessing a completed asset, investors or end-users may view multiple properties and require more detailed advice.
“Clearly the traditional role of a broker is evolving, driven by new technology and changes to the real estate environment, which are reducing demand for pure brokerage services and increasing requirements for more strategic consulting,” he said. “While REST will be a major disruptor and likely reduce revenues for many brokerages, there is still a role for agents in the process.”
Dubai-based brokers said they felt little threat from DLD’s plans.
“In this case, the technology won’t replace or reduce the role of the broker, but facilitate a deal once it has happened,” said Lewis Allsopp, chief executive of Allsopp & Allsopp.
A property will still need to be marketed professionally and viewings arranged, and agents will need to provide advice to clients about the local area and market conditions, and facilitate cross-selling with other agencies. “The broker needs to be able to negotiate a deal to the satisfaction of both sides,” Mr Allsopp said.
Nick Grassick, managing director of PH Real Estate, said any system that reduces the time, cost and complexity of a transaction is a “valuable tool”. “The proposed platform is an amazing idea and proves the UAE is committed to advancing the property sector,” he said.
The problem solving, communication and negotiation skills of an experienced agent, as well as their understanding of the local market, “will only be perfected by the platform”, added Haider Tuaima, head of research at services firm Valustrat.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The%20specs
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20Profile
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Apple's%20Lockdown%20Mode%20at%20a%20glance
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
COMPANY%20PROFILE
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Spec%20sheet
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
