Bayut, the UAE’s property portal, has introduced an innovative AI-powered property valuation service called ‘TruEstimate’, following a recent Memorandum of Understanding (MoU) with the Dubai Land Department (DLD). This development aims to revolutionise property valuations and enhance transparency in Dubai’s dynamic real estate market.
TruEstimate leverages advanced artificial intelligence technologies to analyse extensive transactional data from the DLD and property listings. It provides accurate property valuations and equips users with data-driven insights into the real estate market, transforming how homeowners, property sellers, buyers, and agents interact with the UAE real estate sector.
The introduction of TruEstimate addresses the critical need for greater transparency within Dubai’s real estate market. Utilising cutting-edge AI empowers investors with informed decision-making capabilities.
This partnership between Bayut and DLD also supports Dubai’s ‘Services 360’ policy, which aims to streamline service delivery by integrating data systems across government entities, reducing customer data requirements, and facilitating seamless service access.
The UAE property market is experiencing phenomenal growth, with Dubai alone witnessing transactions worth AED 200 billion in the last six months. This rapid surge and frequent market fluctuations underscore the need for accurate and timely property valuations.
His Excellency Eng. Marwan bin Ghalita, Acting Director General of the Dubai Land Department, emphasised the importance of this collaboration.
“At Dubai Land Department, we highly prioritise improving real estate sector data by working closely with our partners from the private sector. This cooperation enhances transparency and trust in Dubai’s real estate market. Our approach uses artificial intelligence and the latest technologies, focusing on customer needs.”
“Today, the launch of the smart valuation service ‘TruEstimate’ by our partner, Bayut, is a key step in providing accurate property values. This helps stakeholders make confident, informed decisions and enables optimal investment strategies. We welcome this innovation as it improves user experience and sustainably develops the market,” he said.
Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA, expressed excitement about the launch. “We are excited to introduce TruEstimate, the latest in our suite of data-driven tools and resources. Since day one, Bayut has prioritised data to create transparency and help consumers make more informed decisions. A better understanding of home values is essential in a constantly changing market.
TruEstimate objectively estimates a property’s current market value, considering recent sales of similar properties, current market trends, and property characteristics. The reports are enriched with market trend visualisations and comparable property analysis, allowing users to confidently understand historical fluctuations, benchmark asking prices, and evaluate potential purchases.
“TruEstimate addresses this need by offering unparalleled access to data-driven property valuations and market insights tailored to the unique needs of brokers and consumers in the UAE. This demonstrates how a market can advance more quickly when the private and public sectors work together. We are thankful for the partnership and data collaboration with the Dubai Land Department, which allows us to build tools and move things in the right direction.”
By providing this comprehensive data picture, TruEstimate equips users to make informed decisions in the evolving local real estate landscape, backed by data sourced directly from the Dubai Land Department.
Users can input their property details—such as Title Deed, Oqood Contract, Unit Number, or DEWA Number—into the platform to learn about the estimated property value, rental yield, property history, and comparisons with similar properties. The platform will then generate a detailed report.
TruEstimate brings significant value to various stakeholders in the real estate market. For property sellers, it provides a clear understanding of their property’s market value, enabling them to set competitive prices. Homeowners benefit from the ability to monitor their property value over time, informing any decisions towards potential sales or improvements.
Property buyers gain a reliable estimation of property values for both ready and off-plan properties and a detailed breakdown of all associated buying costs, helping them make better purchase decisions.
Real estate professionals can gain access to accurate property estimates based on advertised prices and data from the Dubai Land Department, build trust with clients through valuable market insights, and stay ahead of the competition with up-to-date property information.
