Dubai, UAE – 31 October 2024: Bayut and the Dubai Land Department are celebrating the remarkable success of their collaborative property valuation tool, TruEstimateTM. Since its summer launch, TruEstimateTM has surpassed an impressive milestone, with over 100,000 reports generated, underscoring the immense demand for accurate property valuation tools in the market.
TruEstimateTM combines Bayut’s cutting-edge technology with the DLD’s comprehensive property data to offer real-time, data-driven property valuations. This achievement highlights a pivotal transformation in the real estate industry, signaling the growth of Dubai’s property market with buyers, sellers, and investors seeking transparency in the UAE’s competitive real estate market. By providing users with detailed, real-time property valuations, the tool is empowering them to make more informed decisions.
His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, said: “The significant success achieved by ‘TruEstimateTM’ reflects our vision at Dubai Land Department to enhance transparency and drive innovation in Dubai’s real estate market. Achieving these numbers in such a short period demonstrates the growing demand for smart solutions that empower investors and buyers to make informed, data-driven decisions. At Dubai Land Department, we reaffirm our strong commitment to strengthening our partnerships with tech companies like Bayut to ensure the provision of real estate tools and solutions aligned with our approach to supporting digital transformation and sustainable growth in Dubai’s real estate sector. This, in turn, boosts competitiveness and attracts more investments to Dubai, which continues to solidify its position as one of the world’s leading markets”.
Haider Ali Khan, CEO of Bayut, and CEO of Dubizzle Group MENA, shared his thoughts on this achievement, stating: “We are thrilled by the incredible success of TruEstimateTM. Reaching 100,000 reports in under five months underscores the vital role accurate valuation tools play in the market and marks a significant move towards enhanced transparency in the UAE’s real estate sector. The overwhelming response from property seekers and brokers highlights the pressing demand for transparent, accessible data, akin to what is available in other advanced markets. As the appetite for data-driven property solutions continues to grow, we are dedicated to providing innovative tools that bring added value to the industry”.
