Dubai real estate app uses AI to improve property appraisals
The launch of TruEstimate comes as Dubai's skyrocketing property transactions have reached a total of $54.5 billion in the past six months
Dubai real estate prices keep rising. (Getty Images)
As Dubai’s stratospheric real estate market scales ever higher, property buyers are getting help from new tools that use artificial intelligence to evaluate prices.
In collaboration with the Dubai Land Department, UAE property portal Bayut is launching TruEstimate, an AI-powered application that seeks to deliver an objective price tag derived from publicly available real estate data.
The estimates take into account recent sales of similar properties, current market trends, and property features.
“In a market characterized by constant change, having a better understanding of home values is essential,” Arabian Business quoted Buyut CEO Haider Ali Khan as saying.
The launch of TruEstimate comes as Dubai’s real estate sector experiences unprecedented growth, with property transactions in the emirate reaching AED 200 billion ($54.5 billion) in the past six months.