Property valuation in Dubai made easier with new smart tool
Bayut and Dubai Land Department reach new milestone
DUBAI: In a significant leap for the real estate industry, Bayut and the Dubai Land Department (DLD) are celebrating a major milestone for their jointly developed smart property valuation tool, TruEstimate.
Launched only five months ago, this innovative tool has already generated over 100,000 property valuation reports, underscoring the immense market demand for reliable and accessible property data in Dubai.
Harnessing the latest in technology, TruEstimate combines Bayut’s proprietary algorithms with the DLD’s comprehensive property records to deliver precise, real-time property valuations. As property buyers, sellers, and investors increasingly seek transparency in the UAE’s competitive real estate sector, this milestone reflects a significant shift in how Dubai’s property market operates, helping users make well-informed decisions.
Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, lauded the success of TruEstimate. "The significant success achieved by TruEstimate reflects our vision at Dubai Land Department to enhance transparency and drive innovation in Dubai’s real estate market. Achieving these numbers in such a short period demonstrates the growing demand for smart solutions that empower investors and buyers to make informed, data-driven decisions,” he said.
“At Dubai Land Department, we reaffirm our strong commitment to strengthening our partnerships with tech companies like Bayut to ensure the provision of real estate tools and solutions aligned with our approach to supporting digital transformation and sustainable growth in Dubai’s real estate sector. This, in turn, boosts competitiveness and attracts more investments to Dubai, which continues to solidify its position as one of the world's leading markets,” he added.
The project has received an equally enthusiastic response from Bayut. Haider Ali Khan, CEO of Bayut and CEO of Dubizzle Group MENA, shared his excitement over this rapid success. “We are thrilled by the incredible success of TruEstimate. Reaching 100,000 reports in under five months underscores the vital role accurate valuation tools play in the market and marks a significant move towards enhanced transparency in the UAE’s real estate sector,” he said in a statement.
“The overwhelming response from property seekers and brokers highlights the pressing demand for transparent, accessible data, akin to what is available in other advanced markets. As the appetite for data-driven property solutions continues to grow, we are dedicated to providing innovative tools that bring added value to the industry,” he added.
How does TruEstimate work?
TruEstimate relies on a combination of high-quality, real-time data from the DLD’s extensive database and Bayut’s advanced algorithms. This powerful integration allows property seekers and real estate agents to access up-to-the-minute property valuations, helping them make informed choices in Dubai’s dynamic real estate landscape.
For a property market as vibrant and fast-paced as Dubai’s, access to accurate data is crucial. Reliable valuations build confidence among buyers and investors, paving the way for smoother transactions and better market transparency. With TruEstimate, property investors, buyers, and sellers can avoid the common pitfalls of over- or under-valuation, thus driving a more competitive market.
Future of property valuation in Dubai
As technology continues to reshape industries worldwide, TruEstimate and similar tools represent the future of property valuation in Dubai. By creating a more transparent and efficient market, Dubai’s real estate sector stands poised to attract even more investment and build upon its status as a global real estate leader.
Bayut: A leader in innovation
With over 400 million page views annually and partnerships with more than 4,000 real estate agencies, Bayut has established itself as a leader in the UAE’s property market. Known for its technology-focused approach, Bayut provides users with a rich array of resources, from area guides to detailed property insights, enhancing user experience and enabling smarter property decisions.