Dubai’s real estate prices have gone down by more than 12% in the past year, and it has opened up opportunities for buyers to invest in the city for less. Platforms allowing users to buy a stake in properties for as low as AED 5000 have also emerged in the Emirates, as the sector is showing signs of a recovery on the horizon.
In times of uncertainty, getting the value of their property verified by authorities is the best bet for land and building owners to make the most of investor interest in the Emirati smart city. In yet another push for speeding up public services, Dubai’s real estate department has expanded its smart valuation system to include buildings and villas in the city, which has seen a 30% drop in property rates since 2014.
The process is carried out through Dubai REST app and AI collects data including type of user and ID number, following which the property to be evaluated is selected. After submitting documents, users must pay a fee through the Noqodi digital wallet, and then the smart app delivers a valuation certificate to the user’s smartphone.
Time taken for processing data and churning out certificates is just 15 seconds, and the app has provided valuation for 1700 real estate units in Dubai since its launch in September last year. Apart from putting real estate sale and purchase in line with the emirate’s smart city ambitions, the land department’s digital solution has also been lauded for 100% consumer satisfaction.
Tech-powered developments have come at a time when top developers like Damac are predicting a recovery in the next two years for Dubai’s real estate market, since the worst is over. UAE has also established a reputation as a safe destination during the pandemic, and policy changes including expansion of residency to talented expats are likely to boost the city’s housing market.