The startup, Realiste is aimed at establishing itself as the first real estate exchange capable of spotting the best deals on the market, facilitating quick online transactions with developers, and centrally managing all assets acquired.
Saudi Arabia has been chosen as a significant market by prop-tech firm Realiste, which is located in Dubai and has big development goals in the real estate investment sector. Realiste, a company founded in December 2021, specializes in creating AI-powered real estate investment solutions and offers market projections that last up to three years.
Realiste’s founder, Alex Galtsev, outlined the organization’s commitment to revolutionizing the Saudi real estate sector in an exclusive interview with Arab News. Galtsev stressed the Kingdom’s relevance in Realiste’s strategy, noting that it is one of the world’s real estate markets with the quickest pace of growth. In Saudi Arabia, he said, “the target market for Realiste AI includes both secondary and primary real estate markets worth more than $100 billion.” According to Galtsev, investors who buy many homes in Saudi Arabia and retain them for five years might see amazing development, with the value of the properties perhaps increasing by 100 to 200 percent over that time.
By winning a $10 million agreement at the LEAP event in February, Realiste has already made progress in the Saudi market. In Saudi Arabia, the business established a $10 million joint venture with local partners, including Ahmed Alenazi, the former CEO of stc Pay. Through this agreement, 13 towns will be digitally transformed by the end of 2023. Additionally, Realiste secured $500,000 for commercial expansion in Saudi Arabia. Together with local partners, they are digitizing the supply and demand of the real estate market.
Galtsev underlined that Realiste has gained more attention and investors as a result of entering the Kingdom. The business intends to build its brand and goods in the Saudi market all year long. In contrast to the 110 transactions it facilitated the year before, Galtsev predicted that Realiste would have around 300 customers and conduct 1,300 transactions on its platform in 2023. As it has done effectively in other markets like Dubai, the business hopes to use its well-known AI-driven products, Index and Portfolio, to draw international investors to the Saudi real estate market.
While Portfolio acts as the management system and allows users to explore and alter investment possibilities, Index, Realiste’s sophisticated mobile app, aids end users in making educated investment choices. Galtsev lauded the simplicity and convenience these cutting-edge methods offer to real estate investing, calling them game-changers in the field.
Realiste, a supplier of AI, is already cash flow positive, with sales from its Dubai office hitting $1 million in Q4 2022. With the projected revenue of $30 million in 2023, the firm hopes to grow by 30 times this year. The expanding Saudi market and Realiste’s encouraging data, such as yearly growth of 100%, complement these objectives.
Galtsev emphasized Saudi Arabia’s potential for enormous development over the next 10 years, which will be fueled by the government’s expansive economic programs like NEOM. In the previous six months, residential property prices in Riyadh, the nation’s capital, have already increased by up to 60%, signaling a booming market.
Additionally, he pointed out that fewer than 1% of off-plan transactions in Saudi Arabia, which totaled $81 billion last year, were digitalized. Realiste attempts to solve this by providing essential goods, including market statistics, online apartment reservations, real estate value monitoring portfolios, and fast property appraisals.
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