Bayut and the Dubai Land Department are celebrating the remarkable success of their collaborative property valuation tool, TruEstimateTM. Since its summer launch, TruEstimateTM has surpassed an impressive milestone, with over 100,000 reports generated, underscoring the immense demand for accurate property valuation tools in the market.
TruEstimateTM combines Bayut’s cutting-edge technology with the DLD’s comprehensive property data to offer real-time, data-driven property valuations. This achievement highlights a pivotal transformation in the real estate industry, signaling the growth of Dubai’s property market with buyers, sellers, and investors seeking transparency in the UAE’s competitive real estate market. By providing users with detailed, real-time property valuations, the tool is empowering them to make more informed decisions.
His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, said: “The significant success achieved by ‘TruEstimateTM’ reflects our vision at Dubai Land Department to enhance transparency and drive innovation in Dubai’s real estate market. Achieving these numbers in such a short period demonstrates the growing demand for smart solutions that empower investors and buyers to make informed, data-driven decisions. At Dubai Land Department, we reaffirm our strong commitment to strengthening our partnerships with tech companies like Bayut to ensure the provision of real estate tools and solutions aligned with our approach to supporting digital transformation and sustainable growth in Dubai’s real estate sector. This, in turn, boosts competitiveness and attracts more investments to Dubai, which continues to solidify its position as one of the world’s leading markets”.
Haider Ali Khan, CEO of Bayut, and CEO of Dubizzle Group MENA, shared his thoughts on this achievement, stating: “We are thrilled by the incredible success of TruEstimateTM. Reaching 100,000 reports in under five months underscores the vital role accurate valuation tools play in the market and marks a significant move towards enhanced transparency in the UAE’s real estate sector. The overwhelming response from property seekers and brokers highlights the pressing demand for transparent, accessible data, akin to what is available in other advanced markets. As the appetite for data-driven property solutions continues to grow, we are dedicated to providing innovative tools that bring added value to the industry”.
About Bayut:
Bayut is the uncontested market-leader when it comes to real estate portals in the UAE. With 4000+ real estate agencies choosing Bayut as their advertising partner, with over 400 Million page views per year. +87.2 Million visits, Bayut has successfully established itself as the number one platform people trust when it comes to property search.
A technology driven platform, Bayut is known to keep innovation at its core with updated, detailed transactional and advertised insights, extensive area and building guides, and revolutionary new products and features, allowing end-users to make the most well-researched decisions when searching for properties in the UAE.
Since Bayut was established in 2008, the company has seen accelerated growth, by focusing on increasing not only the number of real estate partners it works with, but also obtaining substantial traffic growth to claim the status of market leaders in the competitive real estate portal landscape in the UAE, with an extensive portfolio across all seven emirates.
Haider Ali Khan joined Bayut in 2014 as the CEO and the company has continued to showcase very high growth over the past years including closing multiple rounds of funding from top Venture Capital firms such as Naspers, KCK, Exor, and other notable names.
Bayut is a part of the Dubizzle Group, formerly known as Emerging Markets Property Group (EMPG), which also operates the largest property classified sites in. In April 2020, the group merged with the Netherlands-based OLX group in certain key markets, and was valued at $1 Billion, giving it the coveted unicorn status. The group now also owns and operates dubizzle in the UAE, Our bespoke classifieds portals are among the strongest brands in our markets, primarily encompassing the Greater MENA and South Asia regions. Our flagship ventures include dubizzle and Bayut in the UAE and the Greater MENA Region, as well as Zameen and OLX in Pakistan.
