Whether your goal is to buy, sell, or to look for a better rented property in the UAE or the whole GCC, there's no need to disturb your work schedule or involve a traditional agent to get this job done.
A new AVM-driven valuation platform is launched in Dubai. This platform provides online users with state-of-the-art features, allowing them to valuate their properties in real time under 30 seconds with three types of reports; certificate, summary and a detailed report. Users can also compare three different properties simultaneously, enabling them to make informed decisions with ease.
The platform will generate a comprehensive automated report that incorporates various aspects, such as property analysis, market price indicators, the current market survey, and more. These reports can be generated in both English and Arabic, ensuring accessibility to a wider audience. As the platform expands to other markets, additional languages will be included to cater to diverse users.
Ovaluate has launched its operations in the UAE and Saudi Arabia, and soon in the whole GCC, representing a major step in alignment with Dubai Government's D33 Agenda to diversify its economy and strengthen the real estate sector in the upcoming years. The Gulf region will not be the only beneficiary of the state-of-the-art initiative by Ovaluate Real Estate Valuation Services as it plans to expand its reach to the Middle East, Europe, United Kingdom and the United States in the coming months.
"We have successfully launched our operations in the UAE, Saudi Arabia, and soon enough in the other Gulf countries," stated Omran Yousef, Founder and Chief Executive Officer of Ovaluate Real Estate Valuation Services, during an interview.
He further revealed that the platform's next phase aims to cover Middle East countries, with future plans to expand into the European, UK, and US markets.
The platform, which provides free listings to real estate companies and agents, is capable of resolving complex challenges in the valuation process through a simple three-step procedure.
Users can initiate the process by uploading their property details and photographs. The AVM-driven valuation wizard will then review the provided information and promptly deliver certified reports in less than 30 seconds.
The ready-to-be-printed PDF report with the valuer's stamp and electronic signature, holds wide acceptance across all departments and companies in both the public and private sectors. This acceptance brings a sense of relief to the users. In certain situations, property inspections will be conducted through the company's automated system, capturing on-site pictures, and the comprehensive report will be shared with users through a URL.
According to Omran Yousef, agents, investors, and individuals can all benefit from our accurate reports, which are derived from actual transactions.
"Our platform serves as a regulator, ensuring that neither buyers or sellers can fall victim to scams. We judge property values based on our automated method and tools, following international standards for conducting property valuations."
He further said: "Ovaluate's mission is to address real estate market challenges by providing an All-in-One platform that delivers precise valuations, prevents price inflation, consolidates services, and introduces standardization. Our ultimate goal is to enhance transparency and efficiency in the industry, empowering users with the ability to make well-informed decisions."
Below are excerpts of the interview:
What was Ovaluate actually made for, what is its main objective?
Ovaluate's foremost goal is to be an integral part of the main regulators in the real estate markets of UAE and other Gulf countries. The platform aspires to provide comprehensive support for projects from their off-plan phase until they are listed by brokers. Additionally, once property is live, Ovaluate will strategically target tenants and potential buyers in lucrative markets such as the UAE and the entire GCC.
How does Ovaluate help people in getting their property valued accurately?
In our pursuit of precision and accuracy in property valuation, we have diligently monitored various reports and indexes from portals, agents, and developers. However, we have observed disparities among these sources, which the market heavily relies on.
To tackle this challenge head-on, we have taken proactive measures by building an extensive database and employing internationally recognized tools and methods. By leveraging our local market experience, access to government regulations, and our own comprehensive database and tools, we are confident in our ability to analyse the value of each property, even in cases where there may not be sufficient transactional data to rely upon. This commitment ensures that our valuations are thorough, reliable, and uphold the highest standards of accuracy in the real estate industry. In the upcoming update, our objective is to incorporate a tool that will notify both brokers and users if the price has been set above or below the prevailing market value, with the primary purpose of providing valuable insights to both parties.
What benefits does Ovaluate provide being an All-in-One platform?
Ovaluate stands out as an All-in-One platform, offering a diverse range of real estate services, which includes comprehensive property valuation, access to an extensive database, seamless property comparisons, and the convenience of a unified platform. Through the application of data intelligence and expertise, Ovaluate ensures precision in valuations, empowering users to make well-informed decisions in the dynamic real estate market.
Moreover, in addition to serving nationals and residents of the UAE, Ovaluate is all set to expand its All-in-One platform to accommodate foreign investors, high net worth individuals, and developers. This extension enables these stakeholders to access the platform and explore upcoming projects while also facilitating the due diligence process.
During its second phase, Ovaluate is also focusing on creating a comprehensive consumer insight module, which will enable them to study market trends. When developers plan to undertake a new project, their primary task involves evaluating past, present, and ongoing projects in the market. This analysis allows them to identify the prevailing trends and unmet customer demands.
Since how long has Ovaluate been working on the All-in-One platform?
Over the course of two years, starting from 2020, Ovaluate has been diligently working on the development of its platform. During this time, our top priority has been focused on creating and refining the app and website. As a result, manual valuation reports had not been our primary focus. Instead, we dedicated our efforts to transforming the entire traditional valuation method into AVM-Driven valuation, which led to the introduction of this revolutionary ground-breaking real estate platform into the market. The comprehensive process took almost two years to ensure that we could offer an unprecedented and innovative solution to the real estate industry.
Please share three reasons why online users should prefer Ovaluate.
Ovaluate stands unrivaled in the domain of automated certified valuation reports, making us the foremost choice for users seeking accurate property valuations. Our platform incorporates a vast database and leverages the Data Intelligence feature to educate users effectively.
A significant advantage that sets us apart is our provision of free property listings to agents. By offering this valuable service, we save agents from substantial expenses, making Ovaluate a preferred option in the market.
Moreover, we will be introducing an innovative concept, allowing agents to livestream their properties, thereby attracting more potential leads and inquiries. This forward-thinking approach not only benefits agents but also saves both agents and users from the inconvenience of physically visiting properties for inspection.
Do you have plans to expand your presence in the region?
While the platform is designed to cater to the entire GCC region, our primary focus lies on the UAE and Saudi markets. As we move forward, the next phase of our expansion will encompass other Middle East countries. Following that, we have ambitious plans to establish a strong presence in the European, UK, and US markets. Our strategic approach ensures a gradual but comprehensive expansion, enabling us to offer our innovative real estate services to a wider global audience.
How does Ovaluate, the world's first AVM-driven real estate valuation platform, function, and what benefits does it offer to clients?
Ovaluate offers a remarkable service where certified reports are generated in under 30 seconds. This allows users to independently assess the value of their properties without the need for professional assistance. By relying on an automated process, Ovaluate ensures that human biases, errors, and subjective valuations are eliminated, preserving the neutrality of the reports. The platform's automation ensures a fair and objective valuation, making it a reliable regulator in real estate transactions with charts and trends, grading and index screens in our data analytics. Agents, investors, and users can all benefit from the accuracy of the reports, which are based on actual transactions. With Ovaluate's automated methods and tools, the risk of scams or manipulation by either the buyer or seller is significantly reduced. The platform adheres to international standards for conducting property valuations, providing users with reliable and transparent assessments of their properties' values.
What is your future growth plan for the next three years?
Within the next year, our plan is to expand our platform throughout the entire Middle East, establishing ourselves as the primary source for governments as a real estate regulator, particularly in terms of the marketplace index indicator. We aim to become the go-to choice for individuals seeking property valuations, and not just that, as we also provide Market Trends and Insights to empower informed decision-making.
As pioneers in the industry, we are the first platform to introduce same-page property comparisons. This unique feature allows users to compare three different properties side by side, enabling them to make well-informed decisions. We are not limiting ourselves to this only but in the upcoming second phase, we are set to introduce an innovative concept where brokers can also upload property videos on Ovaluate, where interested viewers can watch, comment, and express their interest. Brokers will also be receiving alerts when someone shows interest and can follow up with potential clients accordingly.
By considering variations in service charges, return on investment features, cap rates, amenities, and other valuable services, we strive to cater to the diverse needs of all users and become the preferred platform for all real estate-related services.
How do you see the outlook for the second half for Ovaluate's business?
With our innovative ideas, we are confident that once people start using Ovaluate for all the real estate services we offer, we will quickly become the talk of the country. We have full assurance in achieving a 50 per cent market share in Dubai and other Emirates by the end of the year.
Are there any significant deals or joint ventures currently in the pipeline?
Indeed, our vision involves establishing partnerships with government entities and banks. We are eager to collaborate with various government departments and financial institutions to broaden our reach and serve a larger client base. Such collaborations will enable us to enhance our services and contribute to the growth of the real estate industry in a more comprehensive and impactful manner.
How do you see the outlook for Dubai real estate market in 2023 and beyond?
In the upcoming years, inflation is expected to play a significant role in the Dubai real estate market, as the money supply increases, potentially leading to an increase in house prices. However, Ovaluate is committed to providing precise and accurate property valuations, which can help reduce drastic price fluctuations. Our focus on accuracy ensures that the impact on property prices will be more controlled, leading to a more stable and reliable real estate market environment.
How will the D33 Economic Agenda benefit the Dubai real estate sector?
The D33 Agenda marks a game-changing initiative for Dubai, as it seeks to diversify the economy by venturing into emerging industries like technology, healthcare, and education. This strategic move aims to reduce reliance on any single sector, thus contributing to the stabilization of the real estate market.
Moreover, the D33 Agenda places significant emphasis on boosting tourism and trade, which is expected to attract more visitors and High Net Worth Individuals (HNWIs) to Dubai. As a result, there will likely be an increase in demand for both commercial and residential properties, further driving growth in the real estate sector. The agenda's focus on fostering a dynamic and diversified economy is expected to have a positive impact on the overall real estate landscape, making Dubai an even more attractive and vibrant destination for investment and business opportunities.
Do you see any challenges for the property market in coming years?
The UAE real estate market may face challenges due to economic uncertainty, with fluctuations impacting investor confidence. Supply and demand imbalances might lead to declining property prices and rental yields in certain areas. Fluctuating interest rates could affect mortgage affordability and buyer demand. Embracing technology advancements like blockchain and smart home systems presents opportunities but requires adaptation. Additionally, the rental market may be affected by economic uncertainties and job market fluctuations, considering the significant expatriate population. Addressing these challenges will be crucial for the sector's sustainable growth and stability.
You have a CPL-IR & Multi Engine Land Instrument Rating including (ATPL) Airline Transport Pilot license. How did you enter the property valuation business with an Aviation & Banking background?
I have a diverse background, working in the banking sector as a private equity funds manager, I started my real estate journey as a former employee of Dubailand and later became a faculty member for property valuation at Dubai Real Estate Institute (DREI (DLD)). To become a certified valuer, I completed RICS Certification along with DLD, which eventually led to the idea of Ovaluate.
With more than 20 years of experience in the customer service industry, my corporate career spans across banking, wealth management, retail, and property development. Before founding Ovaluate, I successfully led a Dubai SME company, receiving recognition and multiple awards from The Sheikh Mohammed Establishment for Small and Medium Enterprises.
I am proud to have received several awards, including the Mohammed Bin Rashid Awards for Young Business Leaders (Dubai SME 100, ranked #24), Arabia Fast Growth 500, and Turkey ranking 4th place among UAE companies. My illustrious journey in various industries has equipped me with valuable insights and expertise, which I now bring to the growth and success of Ovaluate.
In addition to property valuation, Ovaluate provides a range of additional services to its users. These services include: