A globally unique digital system for housing trade is being created in cooperation between banks, the estate agency sector, a technology company and state officials

DIAS is a platform operating as a system between real estate agency software, developers and banks, and it enables the digitalisation of housing trade. The platform is based on blockchain technology. Digitalisation will make the residential real estate market smoother, faster, more reliable and more transparent than it is now.

“Real estate investors can make deals in their office without meetings, while a family selling their home can enjoy a cup of coffee with the new owners and the real estate agent in their kitchen and close the deal there and then. Digitalisation creates new possibilities,” says Sami Honkonen, CEO of Digitaalinen asuntokauppa DIAS Oy.

Digital housing trade becomes possible when a housing company’s share register is digitalised and its ownership data is transferred to a register maintained by the National Land Survey of Finland. The goal is that conducting housing trades digitally will become gradually possible during the spring of 2019.

From the outset, Aktia, Danske Bank, Nordea, OP and S-Bank have participated in the development of the system. Other participants include real estate agencies OP-Kiinteistökeskus and Kiinteistömaailma, as well as developers Skanska and YIT. Partnership negotiations concerning commercial agency systems are underway with Alma’s KIVI and NettiKoti services and Sanoma’s PDX system. The platform has been developed in close cooperation with the National Land Survey of Finland and the Finnish Tax Administration.

The DIAS trading platform is available for all actors in the field, and it is possible to join it. Using DIAS does not incur direct costs for home buyers and sellers.

In November 2018, a joint enterprise called Digitaalinen asuntokauppa DIAS Oy was formed, owned by Aktia, Danske Bank, OP and S-Bank and the technology company Tomorrow Tech, which was the original developer of the DIAS platform. The development of the platform will continue as a collaborative project.

Significant savings

From the beginning of 2019, all new Finnish housing companies will be established electronically, when the law on the apartment information system will take effect. The ownership and pledging information for new shares will be recorded directly in the register maintained by the National Land Survey of Finland.

Digital housing trade will provide significant economic benefits. According to an impact assessment carried out by the government in autumn 2017, the overall gain for property managers, real estate agents, banks, developers and apartment owners will be EUR 37.5–44.5 million a year.

For existing housing companies, the transition period will begin on 1 May 2019 and finish at the end of 2022. During this period, all housing companies must transfer their share register to the apartment information system.

The system will contain all important information related to the management of apartments. The register will thus provide reliable and accurate information quickly and efficiently. Furthermore, an electronic register is a more secure way to store ownership data and other information.

For more information, please contact: 

DIAS platform:

Aktia: Anton Tulikoura, +358 40 731 3901, anton.tulikoura@aktia.fi

Danske Bank: Rami Tättilä, +358 50 423 0266, rami.tattila@danskebank.fi

DIAS: Sami Honkonen, +358 40 535 3463, sami@tomorrow.fi

Kiinteistömaailma: Erkki Heikkinen, +358 50 433 2080, erkki.heikkinen@kiinteistomaailma.fi

Nordea: Tom Miller, +358 40 864 4554, tom.miller@nordea.com

OP: Kaisu Christie, +358 50 523 9904, viestinta@op.fi

S-Pankki: Aki Gynther, +358 50 388 3141, aki.gynther@s-pankki.fi

 

State officials:

National Land Survey of Finland: Paavo Häikiö, +358 40 562 1483, paavo.haikio@maanmittauslaitos.fi

Tax administration: Simo Sildén, +358 295 123 953, simo.silden@vero.fi

DIAS is the first company in the world to develop a digital trading platform for the residential real estate market in cooperation with private and public sector partners. Digital housing trade is based on secure blockchain technology.This makes housing trade as smooth and transparent as possible for consumers, real estate agents, banks and officials. Housing trade will be digitalised in stages, starting in 2019. www.dias.fi