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  • 14-05-23

    Realiste Aims to Revolutionize Real Estate Investing in Saudi Arabia with AI-Powered Products

    (MENAFN) Dubai-based proptech startup Realiste is setting its sights on Saudi Arabia as a key market for its AI-powered products for real estate investing. Founded in December 2021, Realiste develops products that use artificial intelligence to provide market forecasts for real estate investments up to three years in advance. The company aims to be the first real estate exchange that can identify the most profitable options in the market, allow for online purchases directly from developers within seconds, and manage all purchased assets in one place.

    In an interview with Arab News, Realiste founder Alex Galtsev said the company is focused on revolutionizing the region's real estate market, with a specific focus on Saudi Arabia. As one of the fastest-growing real estate markets in the world, Saudi Arabia is a key aspect of Galtsev's strategy. He noted that the target market for Realiste AI in Saudi Arabia includes both secondary and primary real estate markets worth more than USD100 billion.

    Galtsev sees significant potential for growth in the Saudi market, stating that investors who purchase 10 to 20 apartments in the country and leave them for five years could see them grow by 100 percent to 200 percent over that period. Realiste is already making inroads in the Saudi market, having secured a USD10 million partnership during the LEAP event in February. The company launched a joint venture in Saudi Arabia valued at USD10 million with local partners, including Ahmed Alenazi, former CEO of stc Pay. The collaboration will involve digitizing 13 cities by the end of 2023, with the involvement of local developers and banks.

    Realiste's ambitious growth objectives and focus on AI-powered products for real estate investing reflect the increasing importance of technology in the real estate industry. By providing market forecasts and streamlining the purchasing and management process, Realiste aims to make real estate investing more accessible and profitable for investors in Saudi Arabia and beyond.

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