Dubai: In the last decade the MENA region has proved to be one of the world's most lucrative fields for the deployment of AI technologies. Realiste, a leading AI developer in the real estate market has finally launched in the Middle East, changing the real-estate and housing landscape using the latest advanced technologies within all operations.
Realiste is an AI-based real estate market development company committed to providing users with accurate and timely market value appraisals. The company's mission is to digitize the real estate market of every major city across the world, while offering free access to appraisals and personalized recommendations. Since launching in December 2021 they have established operations in Riyadh, Dubai, London, New York, and Moscow and are planning more expansions in the next year.
Realiste has successfully fielded an application capable of monitoring the market round-the-clock and displaying the true value of real estate, as well as predicting price movements of properties for the next 6 to 12 months.
The reality of the real estate market is not as stellar as the global volumes of $3.69 trillion stated in past research statistics. In Dubai alone, buyers end up overpaying at least 2% of the original price of a property due to lack of quality market information. The most popular types of real estate in Dubai start in price from $500,000, and cash losses on each transaction range from $10,000 for investors.
Modern technologies such as Realiste can provide a viable solution that saves buyers from having to navigate the real estate market in the dark. The advent of functional and versatile Artificial Intelligence constructs, or AI, can open immense opportunities for transparent property search with minimal loss of capital.
CEO Alexey Galtsev adds, “Surely, some properties can be purchased online, but their quality, pricing fairness, resale value, and actual location worth are questionable. In essence, we have an inert and opaque environment in which a deal is a long and expensive procedure. Buyers have to spend months searching for the right property, all because they do not have access to quality analytical information aggregated and streamlined by an automated system and this is where we come in hoping to streamline the process in the most effective and efficient manner, to guarantee customer satisfaction”
The Realiste AI engine is self-learning, based on constant streams of input, and is capable of digitizing real estate market data in every major city in the world to provide users with free access to accurate property valuations and personalized recommendations. Current AI forecast accuracy exceeds the 88% value for Dubai at Level 1 development. Such a broad range of functionality makes the Realiste AI the ideal real estate search aggregator to help buyers and businesses resolve housing issues both quickly and efficiently.
Realiste AI operates by aggregating massive volumes of data that can be utilized through a simple plug-in integrated in under a few minutes into the platform of a developer or a bank. With its real-time market monitoring system, the Realiste AI selects 0.1% of investment-friendly offers that have a discount on the market price and shows users the price history, how much to invest in any particular property, and how much profit can be obtained through resale.
The business impact of such AI usage is a 2.5 times reduction of the ‘Customer Acquisition Costs’, giving valuable query-related results in under 10 seconds.
RealisteI is also a useful tool for any bank, developer or realtor seeking to attract more customers efficiently and to close deals faster. With its capabilities of analyzing massive databases, the AI automatically sifts unattractive properties that are not projected to generate profits within selected timeframes, thus giving banks invaluable insight into market dynamics and investment potential. Real estate agents can also tap into the value offering of the Realiste AI by streamlining property databases for their clients based on specific criteria, saving immense amounts of time on selection. The result is shorter lists of suitable properties, more precise matches, and shorter deal closing times.
The global goal of Realiste is to streamline the international and MENA region real estate markets by injecting automation. When the process of choosing an asset, buying and selling it becomes as simple and fast as modern stock trading, the result is increased liquidity of assets and market acceleration. Transparency and market fairness are the ultimate values Realiste strives to achieve with the deployment of its AI, and now luckily it does not take a hardcore realist to understand the prospects of selecting a dream property in under 10 seconds with the help of an advanced AI.