Dubai’s off-plan property market, estimated at about $35 billion, could be in for a drastic change with the entry of Asette, an AI-driven proptech platform, set to connect global and regional investors to curated off-plan property options using a single tool to simplify the complex 30-step investment procedures.
Asette’s entry will also hot up the AI-driven investment drive in the city’s real estate market, which already has another firm – Realiste – offering similar services.
However, the Asette platform, founded by serial woman entrepreneur Leena Vesterinen, better known as part of the ‘Careem Mafia’, will only be for off-plan properties, and that too in collaboration with developers across Dubai and the UAE.
“We want to provide investors with a wide range of off-plan properties to choose from across different price categories, and hence our decision to collaborate with developers,” Leena Vesterinen, founder and CEO of Asette, told Arabian Business.
“We are already collaborating with over 30 property developers in Dubai, including [the big names] such as Damac Properties, Danube and Sobha Developers, and are actively exploring more opportunities. In fact, we are adding inventory on a daily basis, expanding our network,” Vesterinen said.
Asette to go operational from Tuesday
Asette, headquartered in Dubai, is set to announce its formal commencement of operations in the UAE on Tuesday.
Vesterinen said Asette’s aim is to include all developers in the UAE to be able to provide investors with a wide range of off-plan property investment options, while remaining entirely unbiased and focused on the investor’s goals.
“These collaborations allow us to consolidate comprehensive information and present it in a centralised hub, making the property investment process seamless and efficient for our users,” said Vesterinen who holds a Masters degree in computer science with a specialisation in interactive tech.
On the platform’s decision to focus on the off-plan property segment, she said customers need to have trust and confidence in the information they are reviewing when looking for investments in off-plan properties.
“And that’s what our platform will offer for property investors: Detailed property information, trusted recommendations, and transparent property investment calculations, [thus] empowering them to make informed decisions,” Vesterinen said.
The platform to act as global gateway to the UAE property market
Vesterinen said the platform’s mission is to simplify the archaic property investment problems in the UAE and provide easier access to the property market options through AI-driven digital solutions.
“Asette will act as a global gateway to the UAE property market by attracting global investors and wealth to the region,” she said.
On the prospects of further growth in Dubai’s real estate market, Vesterinen said her team’s data shows that demand for residential off-plan properties in Dubai remains high, particularly from international investors due to its strategic location, business-friendly environment, and advanced infrastructure.
“The main reasons are affordable pricing and flexible payment plans that come with off-plan investing. A one-bedroom apartment in central London currently lists for at least twice the price of a similar unit type in a central location in Dubai,” she said.
She also said property prices in Dubai are reflecting the overall positive sentiment in the market. Dubai’s property market offers a diverse range of investment opportunities, and investors should carefully assess the potential for capital appreciation, rental yield, and market conditions before taking investment decisions, Vesterinen said.
“At Asette, we will be providing transparent ROI calculations and comprehensive market data for Dubai to assist investors in evaluating property prices and making informed decisions aligned with their investment goals,” she said.
Developer collaborations only for wider investor options
On the credibility issue of their reports due to their collaborations with promoters, Vesterinen said it is crucial to note that their platform utilises real estate market data for unbiased property investment analysis.
“Our property recommendations are not influenced by developer collaborations and are designed to provide investors with trusted and transparent investment calculations. Asette’s AI-driven algorithms analyse a wide range of data for capital appreciation, rental yield, and net income, ensuring that investors receive recommendations aligned with their goals,” she said.
“We pride ourselves on being the whistleblowers of transparent off-plan property investing,” Vesterinen said.
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