Dubai: Dubai real estate’s experiments with Artificial Intelligence in reaching key milestones. The Land Department has just announced the completion of the first stage of a project that relies on AI in the ‘smart’ valuation of real estate units.
The Land Department expects the project to help reduce the implementation time of valuation services to 15 seconds. The smart valuation service for real estate units will be provided on its smart app, Dubai REST, which customers can download from the App Store or Google Play.
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According to Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector, said: "The smart valuation team 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.”
This will done through algorithms that analyse millions of transactions and data with accuracy.