UAE property portal Bayut has announced the launch of TruEstimate, an AI-powered property valuation tool developed in collaboration with the Dubai Land Department.
The service aims to enhance transparency and empower people with data-driven insights into Dubai’s booming property market.
The launch of TruEstimate comes as Dubai’s real estate sector experiences unprecedented growth, with property transactions in the emirate reaching a whopping AED200 billion in the past six months alone.
“The launch of the smart valuation service, TruEstimate by our partner, Bayut, is a key step in providing accurate property values. This helps stakeholders make confident, informed decisions and enables optimal investment strategies,” said Acting Director General of the Dubai Land Department, Marwan bin Ghalita.
The tool uses AI to analyse extensive transactional data from the DLD and property listings, offering users an objective estimate of a property’s current market value. It achieves these estimates by taking into account recent sales of similar properties, current market trends, and property characteristics.
“In a market characterised by constant change, having a better understanding of home values is essential,” said Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA.
He believes the tool “addresses this need” by generating tailored market insights to suit the needs of both real estate brokers and consumers across the country.
“This is also a testament to how a market can be propelled faster when the private and public sector work together. We are thankful for the partnership and data collaboration with the Dubai Land Department, which allows us to build such tools and move things in the right direction.”
TruEstimate: Bayut’s enhanced real estate insights
The new valuation tool is expected to benefit a wide range of stakeholders in the real estate market. Property sellers can set competitive prices based on accurate market values, while homeowners can monitor their property’s value over time.
Buyers can also gain reliable estimations for both ready and off-plan properties, along with detailed breakdowns of associated costs.
Additionally, real estate professionals will now be able to access up-to-date property information and build trust with clients through valuable market insights.
TruEstimate is now available through the Bayut app and website.
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