Developing an AI-powered Recommendation Platform for the Real Estate Industry in Bangladesh: PropertyAI

This Omdena Local Chapter Challenge runs for 8 weeks and is a unique experience to try and grow your skills in a collaborative and safe environment with a diverse mix of people from all over the world. 

You will work on solving a local problem, initiated by Omdena Bangladesh Chapter.

The problem

Addressing the Lack of Transparency and Information Asymmetry in the Real Estate Sector in Bangladesh

Millions of people are employed in Bangladesh’s real estate industry, which also contributes significantly to GDP and the nation’s economy as a whole. Yet, the industry encounters a number of issues with data accessibility, information asymmetry, and transparency. Making informed judgments is challenging for many customers and developers due to the lack of trustworthy and complete data on real estate transactions, land prices, and nearby amenities. The lack of openness in the industry erodes public confidence and supports corruption and other unlawful activities. A platform that can employ AI to gather, analyze, and present real estate data in an approachable and accessible manner is required to address these issues. A platform like this could help promote a more open and effective real estate market in Bangladesh by offering insightful information and advice to real estate developers and buyers.

There are already several websites in Bangladesh that offer real estate listings and related services. On these websites, users can access various information on houses that are for sale or rent, such as property descriptions, photographs, maps, and contact information for agents or property owners. Further features offered by some of these portals include mortgage calculators and virtual tours of properties.

Nevertheless, most of these platforms do not use AI or other cutting-edge technology to analyze data and give consumers insights, and they usually have limitations in terms of the accuracy and thoroughness of the data they offer. Moreover, the lack of openness and information asymmetry in Bangladesh’s real estate market may reduce these platforms’ ability to effectively meet the needs of consumers and developers.

The goals

The Project Goals are :

1. Collect and analyze real estate data:

We aim to collect and analyze data on real estate transactions, land prices, and surrounding facilities, using AI and machine learning algorithms to identify patterns and trends. This data will be presented in a user-friendly and accessible format, allowing consumers and developers to make informed decisions about properties.

2. Improve transparency and information symmetry:

We will improve transparency and information symmetry in the real estate sector in Bangladesh, by providing reliable and comprehensive data to users. This could help to reduce corruption and other illegal practices in the sector and increase public trust and confidence in real estate transactions.

3. Provide better recommendations:

The platform should leverage AI to provide better recommendations to users, based on their individual preferences and needs along with AI’s outcomes from the recommender engine. For example, the platform could recommend similar properties based on the user’s budget, location preferences, or other criteria, and provide insights on the best time to buy or sell.

4. Foster a more efficient real estate market:

By providing valuable insights and recommendations to consumers and developers, the platform should help to foster a more efficient and competitive real estate market in Bangladesh. This could ultimately benefit both buyers and sellers, by improving the quality and transparency of real estate transactions and increasing the overall value of the sector.

Why join? The uniqueness of Omdena Local Chapter Challenges

Omdena Local Chapter Challenges are not a competition or hackathon but a real-world project that will grow your experience to a new level.

A unique learning experience with the potential to make an impact through the outcome of the project. You will go through an entire data science project lifecycle. This covers problem scoping, data collection, and preparation, as well as modeling for deployment.

And the best part is that you will join the global and collaborative community of Omdena with tons of benefits to accelerate your career.

Read more on how Omdena´s Local Chapters work