First For Dubai
Buyers and sellers in the UAE are being given access to detailed property transaction and trend data for the first time, in what’s being described as a “massive step forward” for the region’s real estate market.
New consumer portal houza, which was launched by a consortium of top agencies last year, has teamed up with REIDIN Data Analytics to roll out the new online feature, with official sales records pulled from the Dubai Land Department.
Prospective buyers – and tenants – will now be able to view details of recent transactions relating to their search (according to the number of bedrooms and square footage), along with up-to-date figures on average prices and volumes in the surrounding area.
The portal claims to be the first in the UAE to provide such information to consumers, and says the aim is to “create a more open and transparent property buying experience”. The feature is also designed to help real estate agents’ with their property valuations.
Comments Barry Judge CEO: “Being the first portal in the region to provide transactional data to consumers is a massive step forward in achieving transparency, a key mission at houza. When it comes to such a large commitment of moving home, consumers are sometimes reluctant to trust property prices delivered to them by agents. Giving the consumer the sold house prices data first-hand facilitates the buying and selling process by breaking down that barrier between the agent and the seller, or buyer. The fact that REIDIN’s data comes directly from DLD speaks for its legitimacy and impartiality.
Our data is there to augment the consumer experience and bring to life what the agent’s advice to them is. Afterall, buying or selling a house is a personal interaction that requires in-depth knowledge of communities, which can only be honed through experience and offered by the agent.
The beauty of the data feature for agencies is that the buyer or seller, when referred through houza, will already have this insight and therefore a better aligned view of the market. Managing expectations is often half of the process, so the time and effort taken in reaching a deal that everyone is happy with is effectively reduced.”
It’s a leap forward for houza, with the launch of their price drops and price alerts in quarter four last year, and now the addition of trends and transactions, the company seems committed to moving towards solving consumer pain points.
The houza venture was officially launched in October, with backing from agencies including Allsopp & Allsopp, Betterhomes, Driven Properties, D&B Properties, Espace, CORE Real Estate, LuxuryProperty.com and Linda’s Real Estate.`