Realiste, the leading artificial intelligence company in the UAE, has released a report identifying the ten most expensive locations in Dubai. According to the research, Jumeirah Bay has claimed the top spot, with an average apartment cost of 20M AED. The rankings were determined by the ‘Index’, one of Realiste's flagship products.

The list of the most expensive areas also includes Al Safouh Second Part 2 (15.8M AED), Al Safouh Second Part 1 (15.8M AED), Al Safouh First Part 2 (15.8M AED), Umm Suqeim Second Part1 (9M AED), Arabian Ranches (6.6M AED), Bluewaters Island (6.6M AED), Zaabeel First Part 2 (5.6M AED), Al Yufrah 1 (5.1M AED), Wadi Al Safa 3 Part 2 (5M AED). Palm Jumeirah, despite being recognized as one of the costliest locations in Dubai, did not make it to the top ten list, securing only the 12th spot.

'Most of these areas are located near the waterfront, green areas, or the main tourist attractions. Those are factors that drive demand for property in Dubai and prices in turn', explained Alex Galtsev, the founder and CEO of Realiste. He adds that some of these areas will also show considerable price growth in the next two years. For instance, the cost of property in Arabian Ranches will grow 12.9 percent by the end of 2024, according to 'Index.'

However, some locations in Dubai will see even more significant increases in price in the following years. For instance, Sobha Hartland will grow by 15.6 percent in a year, according to Realiste's 'Index.' That is one of the most rapidly developing districts of Dubai, Realiste's team explains. By 2024, the area will see several new residential complexes, such as  Kensington Waters and Wilton Park Residences.

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About ‘Index’

Realiste launched ‘Index’ in March 2023. That is an AI-powered product for smartphones. It is designed to streamline the real estate investing process and accelerate the growth of the property market in the MENA region.

With 'Index,' users can access comprehensive information on the top locations in a city of their interest,  including average prices for both units and square footage, rent rates, number of properties available on the market, average exposure times for listings, and more.

This tool also identifies the best off-plan buildings, complete with ROI forecasts and future appreciation rates for the next three years. Furthermore, ‘Index' ranks properties based on various parameters, such as the top projects for rental income and those projected to appreciate quickly, and allows users to filter offerings by cost, size, building floors, and other factors. Additionally, Unlike existing property boards, this tool allows purchasing off-plan properties online directly from developers within seconds.

About ‘Realiste’

Realiste is a proptech startup that develops AI-powered products for real estate investing. The company’s goal is to build the first real estate exchange that can help to identify the most profitable options in the market, allow purchase online within seconds directly from developers, and manage all the purchased assets in one place.  In 2022, it was recognized as the leading artificial intelligence company in the UAE.

Realiste aims to revolutionize the real estate market in the MENA region by increasing its transparency and accessibility for investors worldwide. The company is confident that its AI-driven products can benefit not only the property investors but all parties involved, including government, property investors, construction companies, and banks, by streamlining and accelerating property deals.

The company’s headquarters are located in Dubai. Overall, Realiste covers over 20 cities, including London, New York, Riyadh, and Bangkok. By the end of 2023, the team aims to expand Realiste to more than 30 cities globally, partnering with local businesses that share the company’s vision and have an in-depth understanding of their markets.

In February 2023, Realiste officially launched a joint venture in Saudi Arabia with local partners, including Ahmed Alenazi, the former CEO of STC Pay, a successful fintech unicorn startup. This joint company was valued at $10M. Realiste plans to collaborate with local developers and banks in Saudi Arabia and digitalize 13 cities by the end of 2023.

The revenue in Dubai’s company stands at $1M, and the team aims to reach $30M by the end of 2023.