TruEstimate, a property valuation tool by Bayut and the Dubai Land Department, has generated over 100,000 reports since its launch this summer, it was announced on Thursday.
TruEstimate combines Bayut’s cutting-edge technology with the DLD’s comprehensive property data to offer real-time, data-driven property valuations. This achievement highlights a pivotal transformation in the real estate industry. It also signals the growth of Dubai’s property market with buyers, sellers, and investors seeking transparency in the UAE’s competitive real estate market. Thus, by providing users with detailed, real-time property valuations, the tool is empowering them to make more informed decisions.
Enhancing transparency
“The significant success achieved by TruEstimate reflects our vision at Dubai Land Department to enhance transparency and drive innovation in Dubai’s real estate market. More importantly, achieving these numbers in such a short period demonstrates the growing demand for smart solutions that empower investors and buyers to make informed, data-driven decisions,” said Eng. Marwan Ahmed Bin Ghalita, director general of Dubai Land Department.
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“At Dubai Land Department, we reaffirm our strong commitment to strengthening our partnerships with tech companies like Bayut to ensure the provision of real estate tools and solutions aligned with our approach to supporting digital transformation and sustainable growth in Dubai’s real estate sector. This, in turn, boosts competitiveness and attracts more investments to Dubai, which continues to solidify its position as one of the world’s leading markets,” he added.
“Reaching 100,000 reports in under five months underscores the vital role accurate valuation tools play in the market and marks a significant move towards enhanced transparency in the UAE’s real estate sector. Moreover, the overwhelming response from property seekers and brokers highlights the pressing demand for transparent, accessible data, akin to what is available in other advanced markets. As the appetite for data-driven property solutions continues to grow, we are dedicated to providing innovative tools that bring added value to the industry,” said Haider Ali Khan, CEO of Bayut, and CEO of Dubizzle Group MENA.
What is TruEstimate and how does it work?
TruEstimate is an AI-powered solution that provides users with an accurate and up-to-date, data-backed property value estimation to help them understand market dynamics and make informed real estate decisions.
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It utilizes the latest market insights to provide an accurate estimated property valuation for the specified property. Additionally, estimations for rent and sale, detailed price trends, potential rental yield and information on similar properties sold, rented and advertised are also available in a comprehensive report.
The solution takes several parameters such as property layout, location, building, property type, area, view, upgradation status, number of bedrooms and market trends into account. Thus, it ensures that prospective buyers, sellers, tenants and landlords see the accurate price of the property.
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