DUBAI - Dubai's Land Department has unveiled a new project to launch a real estate valuation index based on artificial intelligence techniques to achieve a more accurate real estate valuation.
The department explained to Emirates Today that the new index works similar to the rental index, which gives averages to evaluate the property between two price averages, based on the department's database.
Majid Al Marri, Executive Director of Registration and Real Estate Services at Dubai Land Department, Majid Al Marri, said that the department has been working on a new project to evaluate the real estate in the emirate and expects to launch the index during the first quarter of next year after the completion of the project.
Al Marri told Emirates Today that the new real estate valuation index works in the same way as the rental index, giving averages for real estate valuation between two average prices.
He added that the real estate appraisal project relies on harnessing artificial intelligence techniques, to reach the correct evaluations without human intervention, pointing out that the index was provided with all the data that work to reach more accurate results of the evaluation of the property.
Al-Marri added that the new index will benefit from the Department's database on all buildings in Dubai, in addition to benefiting from the Classification Project, which the Department is about to complete.
He pointed out that there are several criteria involved in the evaluation of the property, most notably the location of the building and modernity, as well as the view and final finishing, besides the extent of enjoyment of basic facilities and services, in addition to the type of air conditioning in the building, in addition to the existence of parking for the Roads and Transport Authority outside the building, not to mention the existence of an alarm system Fire, the Angel Association, as well as the number of exits and stairs, the shape of the building, and other criteria that determine the nature of the building.
Al Marri said that Dubai Land is working to adhere to international standards in building valuation in order to raise the emirate's competitiveness in this aspect, especially as the real estate registration sector in Dubai achieved the seventh rank on the Competitiveness Index last year.