Dubai Land Department, VeriEstate forging new paths in realty sector

Business Bureau, Gulf Today

Dubai’s real estate sector has always been a reflection of the city’s dynamic growth and its commitment to future-oriented development.

As global industries increasingly pivot towards technology, Dubai is not just following the trend - it is setting the pace. Central to this movement is the Dubai Land Department’s (DLD) new initiative, the Real Estate Evolution Space (REES), which is poised to lead a significant shift in the urban landscape through innovation and strategic collaboration.

REES is designed to position Dubai as a global leader in proptech - real estate technology. It is laying the foundation for a future where technology enhances every aspect of the real estate industry, by fostering alliances between public and private entities and attracting top proptech firms to the region.

According to Marwan Bin Ghalita, Director General of DLD, the REES initiative will drive the real estate sector forward by creating strategic programmes and fostering AI-driven transformation partnerships that are essential for addressing both current and future industry challenges. It is likely we will see a big uptick in terms of support for proptech startups through accelerators and venture capital. Through strategic collaborations, such as those with Dubai Chambers, DLD is establishing a dedicated business group for proptech firms.

Amid this wave of technological advancement, companies like VeriEstate are emerging as crucial players. As a Dubai-based proptech startup, VeriEstate aligns perfectly with the ambitions of the REES initiative. Registered with the DIFC Innovation Hub, VeriEstate is set to become a comprehensive platform addressing all facets of real estate, leveraging state-of-the-art technology to boost transparency and efficiency in the market.

VeriEstate’s CEO, Rajab Ali Virani, aims to make it the foremost aggregator for real estate inspection services.  VeriEstate brings various inspection firms together on a single platform to offer detailed and transparent property assessments that address significant gaps in the market - such as hidden issues within Mechanical, Electrical, and Plumbing (MEP) systems. These services are becoming increasingly vital in a market that prioritizes trust and transparency.

“Our vision with VeriEstate is to redefine the real estate landscape by integrating advanced technologies that bring unparalleled transparency and trust to the market, which are priorities for DLD and REES. By uniting inspection and listings under one platform, we want to set a new benchmark for the industry. VeriEstate represents the future of real estate transactions, where every decision is informed, every action is secure, and every stakeholder is empowered,” said Virani.

In addition to its inspection services, VeriEstate has introduced a groundbreaking property search feature. This tool aggregates listings from various real estate platforms, enabling users to search for properties across Dubai seamlessly. With API integration, real estate companies and brokers can efficiently display property images on VeriEstate, eliminating the need for duplicate uploads.

VeriEstate’s platform is designed to cater to both B2C and B2B audiences. For individual buyers, the platform offers access to inspection options from anywhere in the world, akin to a hotel booking system, complete with price comparisons and reviews. For businesses, VeriEstate serves as an aggregator for inspection companies, consultants, and MEP firms, ensuring consistency and quality in inspections across the board.

The company has already forged partnerships with leading inspection firms, including GTA Inspectors and The Snag Master, and is in active discussions with major developers to become their exclusive inspection partner. “Partnering with VeriEstate aligns with our commitment to providing top-tier inspection services,” said Ehab Farid P, Eng. at  GTA Inspectors. “Their innovative approach and use of advanced technology sets a new standard in the industry and is a small glimpse into the future.”

Umera Adhnan, Managing Partner at The Snag Master, added, “We are excited to collaborate with VeriEstate and bring our expertise to a platform that prioritizes transparency and quality in real estate.”

Initiatives like REES can prove to be catalysts for transformation. They signify a collective push towards a more advanced real estate market. And within this landscape, companies like VeriEstate are not just participants but can become pioneers. As these changes unfold, it’s clear that there is a profound shift, one that could not only redefine the market but also solidify Dubai’s position as a global leader in real estate innovation. This is not just the future; it’s happening now, and the players who recognize this will be the ones who thrive.