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Proptech seeks to change land buying in Dubai

Realiste's 'Project Land' has digitized over 10,000 plots

The land selling market in Dubai has long been plagued by complexities and a lack of transparency. According to recent market reports, Dubai’s real estate sector saw a total transaction value of Dh300 billion in 2022, with land sales comprising a significant portion. Despite the high volume, the process of buying land remains fraught with difficulties. Transactions are predominantly broker-driven, leaving both sellers and buyers to navigate a disorganized and stressful process. With no central system to gauge market volume and multiple agents listing the same plots at different prices, determining the true market value of land has been a daunting task. This fragmented approach often results in incomplete or missing advertisements, adding to the confusion and inefficiency.

A study by Property Finder revealed that over 60% of potential buyers in Dubai find the process of purchasing land confusing and overly complicated. The lack of clear information and transparency in pricing often leads to prolonged decision-making and missed opportunities.

In an era where technology continuously reshapes industries, Realiste, a Dubai based company specializing in AI-driven real estate solutions, has unveiled a new feature on its platform: “Project Land.” By digitizing all vacant land plots in Dubai, Realiste has created a comprehensive database that excludes production sites and apartments. This database includes precise dimensions and locations of each plot, eliminating the need for physical location checks.

“Project Land” is the latest feature on the Realiste platform, enabling users to browse, assess, and purchase land plots directly online. This feature provides an unprecedented level of transparency and convenience for both developers and individual buyers.

Users can access the entire database of plots for sale in Dubai, complete with accurate valuations and potential development analyses. According to Realiste, they have digitized nearly 10,000 vacant land plots, ensuring comprehensive coverage of the market. The platform’s AI capabilities suggest the most suitable type of real estate to develop—whether luxury or budget—and provide detailed profit and loss (P&L) analyses. This includes insights on unit prices, unit footage, and competitor analysis. With “Project Land,” buyers can view all available plots in one place, significantly reducing the complexity and stress associated with land purchases. This centralized approach ensures buyers are well-informed and can make decisions with confidence

By consolidating listings from multiple agents and providing consistent pricing information, Realiste helps eliminate the discrepancies that often confuse buyers. A survey by Bayut found that 70% of buyers are frustrated by inconsistent pricing, an issue that Realiste aims to resolve.

The platform’s intuitive design makes it easy for users to find and evaluate land plots. The detailed map views and analysis tools are particularly beneficial for developers looking to make informed investment decisions. The “Project Land” feature is set to revolutionize the land acquisition process in Dubai. Buyers can now avoid the chaos and frustration of traditional methods, while developers gain access to precise data and expert recommendations, facilitating more strategic investments. Realiste’s 2% commission, paid by the buyer, ensures a cost-effective solution for all parties involved.

Realiste is currently in the process of signing contracts with local developers, and the platform will be fully open to users in the coming month. This move marks a significant step towards creating a more efficient and transparent real estate market in Dubai.

Alex, the founder of Realiste, said: “Now, developers no longer need to suffer through disorganized searches. They can come to us, see all available plots, and receive tailored recommendations for optimal development strategies. Our AI not only suggests what to build but also provides a detailed market analysis, ensuring our clients can maximize their investments.”

With “Project Land,” Realiste is setting a new standard for land transactions in Dubai. This innovative feature simplifies the buying process, offers unparalleled transparency, and provides valuable insights for both individual buyers and developers. As Realiste continues to enhance its platform, the future of real estate in Dubai looks promising, with technology driving efficiency and clarity in the market.