Now find your dream Dubai home using artificial intelligence

Proptech emerges as game changer in city’s booming real estate industry

by

Mazhar Farooqui

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Published: Mon 13 Feb 2023, 3:21 PM

Last updated: Tue 24 Oct 2023, 1:26 PM

As Dubai’s real estate industry continues to ride high on investor confidence, a new player is disrupting the market by harnessing the power of artificial intelligence (AI) to connect property buyers with their dream homes.

The Dubai-based proptech Realiste not only helps customers buy the best off plan options directly from developers with just a click, it also tells them what their property would be worth in the coming years.


The platform’s Russian founder and CEO Alex Galstev, said they hope to make the process of buying homes as easy as booking hotel rooms while also predicting future rent and sale prices as well as identifying latest market trends to drive smarter decisions.

Realiste founders Anton Baronov and Alex Galstev. — Supplied photo
Realiste founders Anton Baronov and Alex Galstev. — Supplied photo

“Our AI-powered marketplace analyses real estate market 1,000 times faster and more accurately than a traditional agent. Unlike a human broker, Realiste never sleeps. It works round the clock as it aggregates real estate data from multiple sources to determine the value of a property in real time,” said Galstev.


“What an investor will find out after weeks of research, our platform’s self-learning engine will do in a matter of seconds. It can even predict resale and rental price fluctuations in three, 12 and even 36 months based on data from more than 200 parameters.”

Since its launch in 2021, the Realiste has launched operations in nearly 20 cities including New York, Moscow, London, Bangkok, Bali and Jakarta but Galstev considers Dubai their primary market.

That would probably explain why he chose the city as the company’s headquarters after relocating here in February 2022.

Realiste data show that Dubai’s real estate sector is estimated to grow by 46 per cent this year.

“There is an insatiable demand for properties in Dubai but the real estate market still remains underestimated compared to financial hubs like London or New York,” said Galstev.

“Our AI-powered technology could go a long way in overcoming factors like lack of transparency, mispricing and misselling to boost market growth and help investors win from every deal.”

Galtsev said he wants to digitalise real estate market in every major city to help users get access free access to accurate property valuations and personalised recommendations.

‘It’s aslo handy tool for real estate agents to find out precise property matches for their clients."

Recently Realiste added an online booking feature to the platform. Galstev said it could be a game-changer as it will stimulate the local housing market growth by speeding property deals.

— mazhar@khaleejtimes.com


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