Dubai Land Department (DLD) announced its notable victory at the 2023 Asian Real Estate Awards. DLD received the coveted "Customer Service Innovation of the Year Award" in recognition of its groundbreaking artificial intelligence-based smart valuation system. This prestigious awards program recognizes innovation and excellence in the Asia Pacific real estate industry.

Real estate valuation is a key service that drives investment decisions and minimizes financial risk. Traditional valuation processes often face delays and inconsistencies due to the subjective nature of expert committee meetings.DLD has launched the Dubai Intelligent Real Estate Valuation System to revolutionize the international market, an innovative application of artificial intelligence (AI) and machine learning (ML) technology.

H.E. Sultan Butti Bin Mejren, Director General of the Dubai Land Department, expressed his enthusiasm for the award, saying: "We are honored to receive this prestigious recognition for our intelligent valuation system. This achievement is a testament to our commitment to innovation and our mission to provide seamless real estate services to our valued clients. With its advanced technology and artificial intelligence capabilities, the system has delivered significant advancements in the valuation process. It demonstrates Dubai Land Authority's dedication to leveraging cutting-edge technology and shows its commitment to providing exceptional and efficient services to its clients."

The Smart Valuation System utilizes advanced ML algorithms to speed up the valuation process. By analyzing millions of transaction data points and property characteristics, the system generates accurate predictions of property values in seconds. The intelligent valuation system eliminates the need for extensive documentation and streamlines the entire valuation process by integrating with external systems and databases.

Highlighting the impact of the system, Majid Al Marri, CEO of DLD's Real Estate Registration Department, said: "The Dubai Smart Property Valuation System has significantly reduced the time it takes to generate valuation certificates. Previously, the process took three days, but now, thanks to the system, it can be completed in just 15 seconds. This remarkable achievement is perfectly in line with the department's mission to harness the power of technology and innovation to provide seamless and efficient real estate services. With real estate transactions valued at Dh528 billion last year, monitoring like this will reduce speculation and price manipulation.

The Smart Valuation System adheres to approved real estate valuation standards and global regulations to ensure compliance and accuracy. Valuation accuracy has been proven to be 99%, exceeding the percentage of international use of artificial intelligence in real estate properties.

Intelligent valuation systems have transformed the valuation landscape, with an expected annual cost reduction of 40% while providing faster and more accurate valuation results. As DLD continues its journey to become a world leader in real estate investing, it remains committed to pioneering technological advances and providing world-class service to its clients.