Discover how AI technologies are propelling INDEX.cy towards becoming the premier real estate marketplace in Europe.

In 2004, websites dominated, followed by Instagram in 2014, and now, in 2024, Artificial Intelligence reigns supreme. AI technologies are permeating every aspect of business, revolutionizing our approaches. Leveraging AI to enhance business efficiency and foster innovation has initiated a rapid ascent to the summit.

INDEX is among the companies harnessing the potential of AI to establish itself as the premier real estate marketplace in Europe. Here’s a glimpse into their strategy.

Utilizing AI algorithms for listings clustering

The Cyprus real estate market boasts unique characteristics not commonly found in developed countries. These include:

• An abundance of outdated listings.
• A lack of exclusive agreements between sellers and agencies.
• Properties being offered by multiple agencies and individuals, sometimes exceeding 20.

To offer buyers a comprehensive view of the market, INDEX.cy has adopted a strategy of grouping listings from various sellers using INDEX AI for listing clustering. This approach ensures that website visitors do not encounter the same property listed multiple times.

We employ computer vision to analyze images, along with property descriptions, prices, and other listing parameters, to accurately group identical listings. Currently, our database contains over 2 million images and 60,000 listings.

Content Generation

To streamline the process and alleviate the burden on real estate agents who often juggle content creation and sales responsibilities for online property marketing platforms, INDEX.cy has introduced an online integration feature that automates content generation for listings.

Through the website interface, listing descriptions can be generated within seconds using a custom prompt for ChatGPT, resulting in detailed descriptions of up to 600 words. Additionally, unique pictures for each company and landing page can be generated swiftly using MidJourney, with approximately 3,000 such pages currently available on the website.

To further automate the process, Make.com is utilized to extract information from the website and publish it seamlessly, ensuring efficient content generation and publication.

Enhancing Listings

Ensuring the provision of high-quality information is paramount when it comes to making informed decisions in the real estate realm, and INDEX.cy is actively engaged in incorporating the following pertinent features.

• Image Recognition: Users have the capability to conduct an image search by uploading a photo of a building or property. This functionality allows users to peruse all relevant listings and complexes resembling the uploaded image while also identifying any duplicate entries.
• Enhanced Photo Tagging: Our platform facilitates real estate professionals in enhancing the quality of photos and enriching descriptions by adding pertinent details or objects visible in the images.
• Listing Evaluation: Leveraging AI technology, we ascertain the quality of each listing. Listings are assigned a score, with higher scores corresponding to enhanced visibility in search results.
• Structuring Unorganized Data: Through the implementation of AI algorithms, we streamline unstructured textual data provided by users into organized listings, categorized according to various filters. This systematic approach significantly enhances the search visibility of listings.

Data Analytics and Assistance

INDEX.cy is powered by Large Language Models (LLM). This AI learns about the real estate market by analysing all 50,000 listings. INDEX.cy also offers a marketplace insights dashboard to help users choose real estate.

The team is also launching the INDEX Real Estate Assistant, which will be the most educated helper for buying and investing in real estate in Cyprus.

AI-Powered Property Valuation System

The INDEX.cy team is currently developing a groundbreaking AI-based Property Valuation Engine. This innovative tool is designed to provide instant property evaluations. To ensure its accuracy and effectiveness, additional data collection is underway, and input from professional valuers is being sought. This collaborative effort aims to refine the algorithms utilized by the Valuation Engine to surpass human valuation standards.

Conclusion

With a focus on innovation, INDEX.cy is always looking for new ways to improve the marketplace and provide more value to its customers and professionals in the real estate industry. This year, the company intends to roll out a plethora of additional AI-powered features.