Can Dubai’s growing tech affinity propel its real estate sector?

Dubai has been the fulcrum of international trade and tourism for some decades now, attracting thousands of expats each year. Expectedly so, its real estate industry has seen continuous growth in terms of local and foreign investments. Although the market went down during Covid-19, it has recovered to register a record increase in property value and sales transactions in the second quarter of 2022.

On the tech side, the progress in the last couple of years has been exemplary. The development of Digital Dubai has put the emirate on the path to joining the world’s most technologically advanced cities. Moreover, the subsequent creation of the world’s first paperless government shows an inclination of the authorities towards technological advancement and innovation.

With already rising numbers in the property sector, one can expect a greater role of digitalisation and technology to make it even better. The focus can be on making property searches and transactions more convenient, transparent and accurate to facilitate all stakeholders.

Let’s see how better use of available technology can bring improvements in the property sector.

Blockchain and crypto
UAE has recently been named among the top crypto-ready nations in the world. It shows the country’s acceptance and intent towards the usage of blockchain technology, which can be utilised by different industries owing to its decentralised nature. The technology can help in making processes more transparent and secure, while the acceptance of cryptocurrency for transactions can open up many new avenues.

Virtual property tours
The pandemic has made us familiar with virtual meetings and presentations. Thankfully, things have come back to normal. However, online property tours can help significantly reduce the cost for buyers. The method is already being used by property developers including Damac Properties, Dubai Properties, Emaar Properties and Meraas. Buyers and investors can shortlist properties they find most attractive, and then finalise them after a physical visit.

AI analytics
Although not yet used in Dubai’s real estate market, artificial intelligence (AI) analytics is quite successful in other countries. For instance, Click.ai is a Canadian firm offering real-time underwriting and asset management services. This is just one usage of AI for the property sector which, if utilised well, can open up many new possibilities for firms to perform data analysis and use it to improve the experience for the investors.

Predictive analysis and big data
Big data has been successfully applied in delivering personalised advertisements and results by search engines, social platforms and other entities. This is one area where we can expect rapid advancements in Dubai’s property sector, with users getting highly customised property choices depending on their preferences and budget.

Where we stand today?
Dubai’s property sector has stayed in line with the country’s overall technological and digital ecosystem. The audiences have continued to get more tech and internet-friendly with time, leading to a good number of online platforms for property buying and selling. Among all the above-mentioned aspects, virtual tours are being employed to good use in the last couple of years. They allow investors to weigh their options and give developers and real estate dealers a convenient method of exhibiting their properties.

Some noteworthy upgrades are done by Bayut, one of the property portals in the UAE. The first one was the introduction of TruCheck, which verifies the listings added to the platform. Another addition was the launch of Bayut Search 2.0, which helps customers find available properties within a certain distance from chosen landmarks. Both these features are helpful for the buyers, helping them find relevant and authentic property deals.

Looking at these advancements, it’s safe to say that we will witness the continued growth of Dubai’s property sector, aided significantly by the country’s growing tech infrastructure.

Read: How artificial intelligence is transforming the UAE’s real estate market