DUBAI 7 September 2020: Dubai Land Department (DLD) has announced the completion of the first stage of a project that relies on artificial intelligence in the smart valuation process of real estate units.
The first-of-its-kind project simplifies procedures by managing and reducing the time taken to implement the valuation process.
The steps to conduct the valuation are handled through Dubai REST app, starting with:
- Establishing the type of user, determining the means of entry, submitting the ID number, and receiving a letter containing the verification number
- Once all the data of the owner and that of the owned real estate appears, the user would select the property to be valued for its data to be displayed
- After that, all the required documents must be submitted and the fees paid through the Noqodi wallet — a confirmation of the payment process would be generated
- The process ends with the delivery of the valuation certificate directly to the client
DLD expects the project to help reduce the implementation time of valuation services to 15 seconds.
Sultan Butti bin Mejren, DLD Director General, said: “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 said: “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.
“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, using an advanced model of artificial intelligence, based on accurate algorithms to analyse millions of transactions and data with extreme accuracy.”