If you’re someone who is passionate about real estate, looking to expand your portfolio, or if you’re an amateur gearing up to grab a slice of Dubai’s real estate pie, then your first order of business would be to get a quick, reliable valuation of a property. First-time buyers and sellers will tell you how daunting and overwhelming it all feels. It’s not at all like Selling Sunset, is it?
There’s a new tool in the market offering you just that. Say hello to YallaValue, a new venture based in the heart of Dubai which offers a series of machine learning models to predict property values.
“I wanted to invest in property in Dubai,” says YallaValue’s founder, Jack Sellers. “I wanted to buy a flat in Dubai and was bombarded by agents. I had no idea whether the price being quoted was good. I had no idea if I was getting a good deal.” Sellers identified a market gap in one of the most exciting and promising real estate markets in the world. And so, YallaValue was born.
Sellers was born and raised in Bahrain before moving to the United Kingdom at the age of 16. A coder by profession, Sellers made use of the property data available publicly and transparently — a big USP in Dubai — and set up his venture. This “side hobby”, he says, turned into a business proposition when a valuations company — Hometree — contacted him and began a partnership this month.
How YallaValue Works
The website uses a series of machine learning models which can predict the value of a property. The platform works with the Dubai Land Department for the latest data and refreshes its own database so that it can provide a user an “accurate” estimate for each property — all in 15 minutes, says the founder.
“Anyone can get a free estimate on a property instantly. But if you want a human verification, a user can buy a report on the platform,” explains Sellers. The valuations company then works with YallaValue to come up with a more reliable estimate, once again, all in 15 minutes.
The tool is for both buyers and sellers. It can help buyers verify agents’ claims in a highly competitive market; for the seller who may have an emotional tag attached to a property, such a tool can help get the best price tag to put it on the market.
Business Model
While the price estimate for a property is free and “will always be free,” says Sellers, the paid report available on the platform is the main USP, and operates as a shared product between YallaValue and the valuations company. YallaValue is currently operating on a B2B model and is seeing interest from agencies and mortgage brokers within Dubai who want “to bridge the buyer-seller gap” in the market, says Sellers. Given how quickly Dubai’s real estate landscape is evolving, the tool is tapping into a market with great potential.
By the end of the year, the platform will add comprehensive inspection reports which can be used by banks, for golden visas or for title transfers, says Sellers.
“Eventually, I want this to be a tool for the everyday real-estate investor,” says Sellers.
Competition
While property giants like Bayut do offer AI tools similar to what YallaValue is offering, Sellers insists those are different services. When using services on platforms which use AI as an assistive tool, you often have to share information with the website just to get a free estimate.
Sellers says what differentiates YallaValue from the competition is the data science which is at heart of the business.
Is YallaValue a gamechanger?
If you’re someone who is starting to build a real estate portfolio, Dubai’s glamor and attractive tax environment may lure you in but it is a daunting endeavor. When technology and real estate come together, it gives buyers and sellers an advantage — which is what YallaValue is trying to do. If a tool can provide you with a reliable valuation for a property you’re looking to buy — or sell — it could be an investment for the future.
