Dubai, UAE –– Realiste, the leading artificial intelligence company in the UAE, has announced the top three locations in Dubai where property prices are expected to grow the most by the end of 2023.
The analysis conducted by Realiste’s artificial intelligence suggests that the residential district of Hessyan First Part 1 tops the list with an expected growth of 20 percent in 2023. The list also includes the residential neighborhood of Al Barsha 1 Part 1, where property prices are predicted to increase by 17.6 percent, and Mamzar Part 1, which is expected to grow by 17.1 percent through the year.
According to Alex Galtsev, the founder and CEO of Realiste, these areas are located near the waterfront, green areas, or the main tourist attractions, which are factors that drive demand for property in Dubai and subsequently increase prices. For example, Hessyan First Part 1 is situated next to Palm Jumeirah and offers access to the Persian Gulf.
Galtsev further elaborated that some of these areas are also expected to show considerable price growth in the three years. Hessyan First Part 1, for instance, is predicted to witness an increase of up to 60.6 percent in the cost of property by the end of 2025.
To conduct the research, the company used its innovative platform ‘Index’. This AI-powered tool was initially launched in March 2023 to streamline the real estate investing process and accelerate growth in the MENA region's property market. The application provides comprehensive information on the top locations in a city, including average prices for units and square footage, rent rates, the number of properties available on the market, and more.
Additionally, 'Index' ranks properties based on various parameters, such as top projects for rental income and those projected to appreciate quickly, and allows users to filter offerings by cost, size, building floors, and other factors. Furthermore, the platform ranks construction companies based on six possible options, including price growth forecasts for one, two, and three years, rental yield, square feet price, and number of units. In addition, the platform offers a map to view the areas where developers are building their projects and access data on the surrounding districts. The platform also allows users to purchase off-plan properties online directly from developers within seconds, unlike existing property boards.
Quote: ‘As the property market in Dubai continues to grow, Realiste remains committed to providing cutting-edge analysis and innovative solutions to help investors navigate the market and make profitable investments.’ stated Galtsev.
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About ‘Realiste’
Realiste is a proptech startup that develops AI-powered products for real estate investing. The company’s goal is to build the first real estate exchange that can help to identify the most profitable options in the market, allow purchase online within seconds directly from developers, and manage all the purchased assets in one place. In 2022, it was recognized as the leading artificial intelligence company in the UAE.
Realiste aims to revolutionize the real estate market in the MENA region by increasing its transparency and accessibility for investors worldwide. The company is confident that its AI-driven products can benefit not only the property investors but all parties involved, including government, property investors, construction companies, and banks, by streamlining and accelerating property deals.
The company’s headquarters are located in Dubai. Overall, Realiste covers over 20 cities, including London, New York, Riyadh, and Bangkok. By the end of 2023, the team aims to expand Realiste to more than 30 cities globally, partnering with local businesses that share the company’s vision and have an in-depth understanding of their markets.
In February 2023, Realiste officially launched a joint venture in Saudi Arabia with local partners, including Ahmed Alenazi, the former CEO of STC Pay, a successful fintech unicorn startup. This joint company was valued at $10M. Realiste plans to collaborate with local developers and banks in Saudi Arabia and digitalize 13 cities by the end of 2023.
The revenue in Dubai’s company stands at $1M, and the team aims to reach $30M by the end of 2023.
