Sitronics Space and Domprais will develop a comprehensive real estate valuation project using space imagery

Russian private space company Sitronics Space and Domprais, a resident of Nizhny Novgorod Technopark, signed a cooperation agreement and agreed to jointly implement a project to use space data for automated real estate valuation.

Sitronics Space (part of Sitronics Group) develops its own civil constellation of civil satellites and develops Earth remote sensing (ERS) services for the needs of government and business. Under the agreement, the parties plan to jointly use remote sensing data from unmanned aerial and spacecraft for automated real estate valuation. Sitronics Space will act as Domprais' partner in providing data and operational analytics based on it.

Implementation of Earth remote sensing data in the processes of automated real estate valuation will allow obtaining objective and up-to-date information anywhere in Russia. The goal of the cooperation is to develop new approaches to automated identification of real estate objects and their classification. Thus, for example, thanks to space remote sensing data it will be possible to track the construction stages of an object or assess the object from the point of view of its compliance with the cadastre. This will make it possible to obtain an objective assessment of residential real estate, as well as minimize risks at the stage of buying a home.

A pilot project on the territory of three constituent entities of the Russian Federation (207 thousand square kilometers) is in the process of preparation with the possibility of subsequent scaling up to other regions. Within the framework of this project, the task is to ensure regular monitoring and identification of changes in real estate objects and land plot utilization using artificial intelligence technology.

"Domprice.pro service is constantly improving the algorithms for assessing the market value of objects on the basis of its own software. We believe that the use of spatial data is an additional source of information for our clients, which will help to obtain an objective assessment of the cost of residential real estate" - said Dmitry Kartushin, CEO of Domprice.

"The use of artificial intelligence technologies to analyze data from space is currently a worldwide trend. Remote sensing data is an indispensable source of information for various sectors of the economy, and especially for real estate. We are confident that the integration of space data, as well as the development of services, opens new opportunities for business development" - said Pavel Cherenkov, CEO of Sitronics Space.

"Domprais is a professional tool developed for market participants involved in real estate valuation, for real estate agencies and professional appraisers. The company uses neural networks and artificial intelligence for automated real estate valuation.

Sitronics Space (part of Sitronics Group) is a private full-cycle space company from design and manufacturing to managing satellites in orbit, as well as creating remote sensing and navigation monitoring services for government and business needs. Currently there are more than 30 spacecraft of various purposes in orbit.  Creation of remote sensing services using artificial intelligence technologies is one of the priority areas of the company's development.