Realiste, a Dubai-based proptech-startup, is on a mission to revolutionize the real estate market in the United Arab Emirates. Using cutting-edge artificial intelligence (AI) technology, the company aims to increase transparency and efficiency in the market, ultimately helping investors to double their returns in the next five years.
Dubai’s real estate market has long been considered one of the most lucrative in the world, with a steady stream of investors from around the globe looking to capitalize on the city’s rapid growth and development.
For instance, in 2022, the city registered more than 90 000 residential transactions in 2022, beating the previous record of 81,182 deals in 2009. High demand reflected on local prices. They increased by 20-40 percent over 2022.
Dubai’s real estate market also seriously improved its transparency in recent years. In 2022, for the first time it entered the ‘transparent’ tier in the Global Real Estate Transparency Index (GRETI). The emirate gained three ranks in the index to 31st position globally and is the only property market in MENA to feature in the ‘transparent’ tier.
This improvement was due to a clear set of rules and regulations in place. A number of digital services and data providers such as service charge management, automated valuations, and transaction databases through the Dubai REST platform (the smart real estate platform for real estate services, created by Dubai Land Department, DLD) helped the Dubai real estate market to get a higher place in the ranking.
Room for improvement
However, as in any market, there is always room for improvement. For example, in the past, there have been concerns about a lack of transparency in the off-plan sales market, where properties are sold before they are built. This has led to some issues with developers failing to deliver on their promises or delivering properties that were of lower quality than promised.
Misrepresentation is one of the major issues in this market. There have been cases when some developers could slightly exaggerate the potential returns or the quality of the off-plan property to attract buyers. This could lead to disappointment and financial loss for investors who based their decision on false or misleading information.
“AI technology can help unlock the full potential of the Dubai real estate market.”
The Dubai-based proptech startup Realiste is tackling these problems head-on by using AI to gather and analyze vast amounts of data on the real estate market, including property prices, rental rates, and market trends. By providing this information, Realiste makes it easier for investors to understand the market and identify the best investment opportunities.
The company’s AI-powered platform also allows investors to easily compare different properties and neighborhoods in terms of price, future growth, and potential ROI, helping them to make more informed decisions. This increased transparency is expected to lead to more efficient and effective investments, ultimately resulting in higher returns for investors.
Realiste’s AI technology is beneficial not only for individual investors but also for real estate agents and developers, as it helps them to identify market trends and opportunities and to optimize their strategies. This, in turn, is expected to lead to a more efficient and profitable real estate market for everyone involved.
In the next five years, Realiste’s AI technology is poised to play a major role in the growth and development of Dubai’s real estate market. By increasing transparency and efficiency, the company is helping to unlock the full potential of the market and open up new opportunities for investors.
So far, the company is supported by 12 advisors, the most influential people from the MENA market. In addition, the company partnered with 27 local developers and was backed by several business angels from the UAE and Saudi Arabia. The amount of investments is yet not disclosed. It also approached $1M in monthly revenue in December 2022.
As the real estate market in Dubai continues to evolve, Realiste is well-positioned to lead the way in using AI to drive growth and create new opportunities for investors. With the potential to double returns on investment in the next five years, it is no wonder that the company’s innovative approach is attracting attention from investors and industry leaders alike.