Dubai Land Department (DLD) has claimed the coveted Customer Service Innovation of the Year accolade at the 2023 Real Estate Asia Awards, recognising its groundbreaking AI-based Smart Valuation System.
The prestigious awards programme celebrates innovation and excellence in the real estate sector across the Asia Pacific region.
Real estate valuation is a critical service that drives investment decision-making and minimises financial risks. Traditional valuation processes often face delays and inconsistencies due to the subjective nature of expert committee meetings. DLD launched the Dubai Smart Property Valuation System to revolutionise the international market, an innovative application of artificial intelligence (AI) and machine learning (ML) technologies.
Sultan Butti Bin Mejren, Director-General of Dubai Land Department, expressed his enthusiasm for the award, saying,
“We are honoured to receive this prestigious recognition for our Smart Valuation System. This achievement is a testament to our commitment to innovation and our mission to provide seamless real estate services to our valued customers. With its advanced technology and artificial intelligence capabilities, the system has brought about remarkable advancements in the valuation process. This showcases Dubai Land Department's dedication to leveraging cutting-edge technology and demonstrates its determination to deliver exceptional and efficient services to its customers.”
The Smart Valuation System leverages advanced ML algorithms to expedite the valuation process. By analysing millions of transactional data points and property features, the system generates precise predictions of property values within seconds. The Smart Valuation System eliminates the need for extensive documentation, streamlining the entire valuation process through integration with external systems and databases.
News Source: Emirates News Agency
