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Dubai Land Department introduces AI into real estate valuation process

Dubai Land Department introduces AI into real estate valuation process

The valuation will be provided via DLD’s app called Dubai REST

Dubai

The Dubai Land Department (DLD) through its Registration and Real Estate Services Sector has introduced artificial intelligence (AI) into the valuation process of properties.

The valuation will be provided via DLD’s app, Dubai REST, which is available on the App Store and Google Play.

“The smart valuation team has worked with a third party from the private sector, represented by ‘Crayon,’ to achieve an unprecedented reliance on artificial intelligence in the smart valuation of real estate units. As a result, real estate units will be valuated without the need for most of the required documents through the interconnection of local databases and external systems, using an advanced model of artificial intelligence, based on accurate algorithms to analyse millions of transactions and data with extreme accuracy,” says Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD.

The valuation process begins by the user registering on the app, submitting an ID number, and receiving a letter containing the verification number.

Once all the data of the owner and their real estate unit appears, the user will select the property to be valuated.

All the required documents must then be submitted and the fees paid through the Noqodi wallet, with a confirmation of the payment generated too.

The process ends with the delivery of the valuation certificate directly to the client.

DLD expects the project to help reduce the valuation processing time to 15 seconds and reducing the cost for it by 20 per cent.

The project will be in line with the standards set by the Dubai Model Centre of the General Secretariat of the Executive Council of Dubai to measure the level of efficiency, effectiveness and sustainability of websites, smart applications, and government call centres.

“DLD is continuously seeking to strengthen Dubai’s leading position as a vital model for smart cities in the world. We believe that this pioneering smart project will help us raise our ranking on global performance indexes in terms of providing the best valuation services to our customers at high speeds and with complete transparency,” said Sultan Butti bin Mejren, Director General of Dubai Land Department.

In H1 2020, Dubai’s real estate sector recorded 22,779 transactions amounting to Dhs72.5bn.

Read: Dubai’s real estate sector records transactions worth Dhs72.5bn in H1 2020

Q2 2020 witnessed more than 7,834 transactions totaling over Dhs24.5bn.

There were a total of 14,688 investors who undertook 18,463 transactions in H1 2020 worth Dhs32.15bn.

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