The Revolution of Artificial Intelligence in the Real Estate Market, by Gonçalo Abreu
The Revolution of Artificial Intelligence in the Real Estate Market Written by Gonçalo Abreu, co-Founder of Alfredo AI (free translation) The Portuguese real estate market has undergone a significant transformation in recent years, largely due to the implementation of artificial intelligence (AI) technologies that facilitate and…
The Revolution of Artificial Intelligence in the Real Estate Market
Written by Gonçalo Abreu, co-Founder of Alfredo AI (free translation)
The Portuguese real estate market has undergone a significant transformation in recent years, largely due to the implementation of artificial intelligence (AI) technologies that facilitate and streamline previously manual processes. The startup Alfredo AI was instrumental in changing and instrumentalizing this paradigm.
It all started in October 2018, at the Salão Imobiliário de Portugal (SIL), held at FIL. We carried in our laptop the first version of what would become the most used estimation algorithm in Portugal. At that time, artificial intelligence was not yet widely applied in the real estate market, and the event had no references to its use in the sector’s processes. It was during this exhibition that, after talking to several participants, we came up with the idea for our first product: a residential market study powered by artificial intelligence.
Just five years ago, it was hard to imagine that artificial intelligence would become so present in the Portuguese real estate market. Today, with more than 10,000 active users, the sale and purchase of properties are deeply linked to AI algorithms that help market professionals in valuing properties, analyzing offers and identifying trends in municipalities, parishes and neighborhoods. Investors turn to our advanced statistical algorithms to find the best opportunities in the market. Companies such as ERA, RE/MAX, Century 21 and Doutor Finanças see our platform as a reliable tool that they use in their activity.
Alfredo AI’s products include an AI-powered instant real estate market report, a unified asset listing platform, and a lead generation funnel. Our clients include mediators, analysts, appraisers and their respective institutions.
In addition to our platform, we also develop a set of public initiatives. We developed the Índice de Preços Residencial (Residential Price Index), an open document used by the public, which makes it possible to understand the monthly market dynamics in each of the 20 Portuguese district capitals. The Observatório do Alojamento Estudantil (Student Accommodation Observatory) has been a valuable tool for university students, helping them to understand trends in the market for renting rooms for higher education.
Our vision was not limited to conquering the Portuguese market. Although the national market is a good launching pad, for a tech company it is important to expand its horizons in order to be able to take advantage of the scalability of software and algorithm solutions. Last year, we launched propdata, a new brand that brings our experience and innovation to the Spanish and UK markets.
The AI paradigm in Portugal is alive and in constant evolution. Our story shows how technology and innovation can transform traditional sectors, bringing benefits to professionals and consumers. We are proud of our path and excited about the future that awaits us.
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