- Bin Mejren: This achievement is a testament to our commitment to innovation and our mission to provide seamless real estate services
- Majid Al Marri: We benefited from this smart valuation system to monitor real estate transactions, which amounted to AED 528 billion last year
- The system significantly reduced the time required to issue evaluation certificates
Dubai, 20th June 2023: Dubai Land Department (DLD) is announcing its remarkable win at the 2023 Real Estate Asia Awards. DLD secured the coveted Customer Service Innovation of the Year accolade, recognising its groundbreaking AI-based Smart Valuation System. The prestigious awards programme celebrates innovation and excellence in the real estate sector across the Asia Pacific region.
Real estate valuation is a critical service that drives investment decision-making and minimises financial risks. Traditional valuation processes often face delays and inconsistencies due to the subjective nature of expert committee meetings. DLD launched the Dubai Smart Property Valuation System to revolutionise the international market, an innovative application of artificial intelligence (AI) and machine learning (ML) technologies.
His Excellency Sultan Butti Bin Mejren, Director General of Dubai Land Department, expressed his enthusiasm for the award, saying: “We are honoured to receive this prestigious recognition for our Smart Valuation System. This achievement is a testament to our commitment to innovation and our mission to provide seamless real estate services to our valued customers. With its advanced technology and artificial intelligence capabilities, the system has brought about remarkable advancements in the valuation process. This showcases Dubai Land Department’s dedication to leveraging cutting-edge technology and demonstrates its determination to deliver exceptional and efficient services to its customers.”
The Smart Valuation System leverages advanced ML algorithms to expedite the valuation process. By analysing millions of transactional data points and property features, the system generates precise predictions of property values within seconds. The Smart Valuation System eliminates the need for extensive documentation, streamlining the entire valuation process through integration with external systems and databases.
Majid Al Marri, CEO of the Real Estate Registration sector at DLD, highlighted the system’s impact, stating: “The Dubai Smart Property Valuation System has significantly reduced the time required to generate valuation certificates. Previously, the process would take up to three days, but now, thanks to the system, it is completed in a mere 15 seconds. This remarkable achievement aligns perfectly with the department’s mission to provide seamless and efficient real estate services, leveraging the power of technology and innovation. Monitoring real estate transactions, which amounted to AED 528 billion last year, like this will reduce speculation and price manipulation.
The Smart Valuation System adheres to approved real estate valuation standards and global regulations, ensuring compliance and accuracy. The accuracy of the valuations has been shown to reach 99%, surpassing the international percentage rate for the use of AI in real estate property.
The Smart Valuation System has transformed the valuation landscape, reducing costs by an anticipated 40% annually while providing faster, more accurate valuations. As DLD continues its journey to become the world leader in real estate investments, it remains dedicated to pioneering advancements in technology and delivering world-class services to its customers.
