As the acknowledged real estate capital of the Middle East, Dubai has long understood the importance of transparency, openness and efficiency to ensure the smooth running of its property market.
Now the city is deploying cutting-edge AI technologies into its real estate sector to resolve disputes, fight fraud and enhance price discovery.
“We are looking at many ways in which we can use solutions based on AI to meet the problems and requirements of our customers in the real estate community,” says Khalifa Alzeraim Alsuwaidi, CEO of Emirates Real Estate Solutions (ERES).
“We will use AI to increase the transparency of the real estate sector”
Khalifa Alzeraim Alsuwaidi, CEO & Board Member, Emirates Real Estate Solutions (ERES)
Partly owned by the Dubai Land Department (DLD), ERES specializes in developing technology products and services for the real estate industry, with more than 2,500 property managers using the company’s automated platform to issue lease contracts.
ERES is now planning to use AI to automate the processing of disputes about those lease contracts which come to the DLD’s Rental Dispute Settlement Center.
Alsuwaidi says that AI will be able to search the relevant records for each case and, based on that data, generate advice and recommendations for the presiding judge.
Furthermore, ERES intends to use AI to verify signatures and flag any concerns when auditing potential tenants.
The technology also has a major role to play when it comes to pricing properties correctly. ERES is currently testing AI solutions which can provide real estate owners with an automated valuation for their high-end properties in Dubai, estimate any price increases and capital gains and compare the results with similar properties in the city.
“AI is crucial for producing our data,” Alsuwaidi says. “We are using it to create a model that can take into consideration all the real estate indicators needed to produce the pricing figures our customers want”
As published in TIME magazine