Proptech aims to transform Dubai land purchases
Published Date: 27th Aug, 2024
Proptech aims to transform Dubai land purchases
Dubai's land sales industry has long been beset by opaque practices and intricacies. Recent market sources say that the overall transaction value in Dubai's real estate market in 2022 was Dh300 billion, with land transactions accounting for a large share of this amount. The procedure of purchasing land is still challenging despite the large volume.
Since brokers handle most transactions, it can be a chaotic and stressful procedure for both buyers and sellers to navigate. It has proven to be a difficult undertaking to ascertain the genuine price of land because there is no central mechanism to measure market volume and many agents are listing identical plots at varying rates. This disjointed strategy frequently leads to missing or partial ads, which worsens the confusion and inefficiencies.
Advanced Property Solutions
Realiste, a Dubai-based business that specializes in AI-driven property solutions, has introduced "Project Land," an innovation on its platform, in a time when technology is constantly changing industries.
Realiste has digitized every piece of undeveloped land in Dubai, excluding manufacturing facilities and apartment buildings, to generate an extensive database. There is no longer a requirement for physical location inspections because this database contains the exact measurements and locations of every plot.
The newest addition to the Realiste platform is "Project Land," which allows users to explore, evaluate, and buy land plots online. For developers as well as individual buyers, this function offers a level of openness and convenience never before possible.
The whole inventory of plots for purchase in Dubai is accessible to users, together with precise appraisals and prospective development studies. Realiste claims to have digitalized about 10,000 undeveloped land plots, guaranteeing thorough market coverage. The platform's AI capabilities offer comprehensive earnings and losses (P&L) assessments and recommend the best kind of property to develop, whether it be luxury or affordable.
This covers information on unit costs, square footage, and competition research. Customers may browse every plot that is offered in one location with "Project Land," which greatly reduces the hassle and complexity involved in buying land. Because of this unified process, purchasers are guaranteed to be knowledgeable and able to make judgments with assurance.
Realiste assists in removing the disparities that frequently perplex purchasers by combining listings from several agents and offering uniform pricing information. According to a Bayut poll, 70% of consumers are irritated by irregular pricing; Realiste seeks to address this problem.
Finding and assessing land plots is made simple for users by the platform's user-friendly design. The in-depth map views and analytical tools are very helpful for developers trying to decide which investments to make. The "Project Land" feature is going to completely change how land is acquired in Dubai.
As developers get access to accurate data and professional recommendations, they can make more strategic investments, and buyers can avoid the confusion and irritation that come with using old techniques. All parties involved will benefit financially from Realiste’s 2% commission, which is covered by the buyer.
Realiste will be completely accessible to consumers in the upcoming month as the company works to finalize agreements with regional developers. This action is a major step toward developing Dubai's real estate market to be more effective and transparent.
Date: 27th Aug, 2024
