Move said to reduce the implementation time of valuation services to 15 seconds
The Dubai Land Department (DLD) has said that it has integrated artificial intelligence (AI) into the valuation process of real estate units. The project is said to reflect DLD’s keenness to provide smart services in line with the Dubai Paperless Strategy and achieve the government’s smart transformation strategy.
The task is said to have been successfully completed through DLD’s Registration and Real Estate Services Sector unit. To ensure its optimum success, accurate data relying on smart technologies will be provided to customers, said DLD in its statement.
“DLD is continuously seeking to strengthen Dubai’s leading position as a vital model for smart cities in the world. We believe that this pioneering smart project will help us raise our ranking on global performance indexes in terms of providing the best valuation services to our customers at high speeds and with complete transparency. This is made all the more evident since our cadres are now highly qualified and trained to deal with these technologies as well as provide the best applications that can be easily dealt with,” said director-general Sultan Butti bin Mejren.
The smart valuation service for real estate units will be provided on DLD’s smart application – Dubai REST – that customers can download from the App Store or Google Play, the firm noted.
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector billed the service as a major development for providing quality services with a high level of performance to ensure customer comfort and happiness.
“The smart valuation team has 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 and provide an immediate, reliable and robust service,” he remarked.
Thanks to the implementation of AI technology, real estate units can be valuated without the need for most of the required documents through the interconnection of local databases and external systems, using an advanced model of artificial intelligence, based on accurate algorithms to analyse millions of transactions and data with extreme accuracy, Al Marri explained.
DLD says that it expects the project to help reduce the implementation time of valuation services to 15 seconds and reducing their cost by 20% as well as raise customer happiness by 90%.