The smart valuation services for real estate units will be provided on DLD’s smart application, Dubai REST.
The Dubai Land Department (DLD) announced the completion of the first stage of project that uses Artificial Intelligence (AI) in the smart valuation process of real estate units.
The first-of-its-kind project is in line with DLD's approach, which regards innovation as a fundamental pillar for shaping the future.
Sultan Butti bin Mejren, director-general of Dubai Land Department, said: "DLD is continuously seeking to strengthen Dubai's leading position as a vital model for smart cities in the world through teamwork with various departments and constructive cooperation and the foundational structure of a smart city which you can practice the ease of doing business."
Mejren further added: "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."
The smart valuation service for real estate units will be provided on DLD's smart application, Dubai REST, that customers may download from the App Store or Google Play.
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."
The steps to conduct the valuation are handled through Dubai REST, 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 valuated 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 and raise customer happiness. The project will be in line with the standards set by the Dubai Model Centre of the General Secretariat of the Executive Council of Dubai to measure the level of efficiency, effectiveness and sustainability of websites, smart applications, and government call centers.
(This article was previously posted by Khaleej Times)