The Dubai Land Department (DLD), has completed the first stage of a project that relies on Artificial Intelligence (AI) for a smart valuation procedure of real estate units.
The first of its kind project from DLD, which considers innovation as a primary pillar for shaping the future, aims to achieve the government’s desire to provide smart services to the people.
The Director-General of Dubai Land Department, Sultan Butti bin Mejren says, DLD is constantly working towards the aim of maintaining Dubai’s position as a leading smart city of the world by teaming up with various departments and constructive co-operations.
“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.”
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD states that to achieve an unparalleled reliance on AI and to provide immediate, reliable and robust services, DLD has teamed up with global software and cloud experts ‘Crayon’.
The advanced model of AI will analyze millions of transactions and data of real estate units with utmost precision. Further, an interconnection of local databases and external systems ensure that the valuation is possible without the requirement to submit many documents.
DLD’s smart application ‘Dubai REST’ will provide the smart valuation services for real estate units. The app can be downloaded from both the App Store and Google Play store.
Dubai REST (Dubai Real Estate Self Transaction) is a purely digital forum for the management of end real estate operations by owners, tenants and other service providers.
With this project, the DLD expects to reduce the valuation procedure time by 15 seconds and the cost by 20 percent which in turn is expected to increase customer happiness by 90 percent.
The project is executed as per the standards set by the Dubai Model Center of the General Secretariat of the Executive Council of Dubai.
‘Dubai REST’- Real estate unit valuation procedure
Dubai REST will aid the valuation steps including recognizing the type of user, determining the means of entry, submitting the ID and receiving the letter containing the ID.
The user can select the property to be evaluated after the data of the owner and of owned real estate appears. Then required documents have to be submitted and the fees has to be paid via Noqodi Wallet, a digital wallet for paying government fees in Dubai.
After completing the process a payment confirmation will be received. The valuation procedure is completed when the client receives the valuation certificate directly.