The Role of Technology in the Dubai Real Estate Industry
When we mention Dubai, one of the first things that come to mind is the real estate market and the development it has witnessed during the past few years. Another field that has witnessed a major transformation in the past year in the city is the technological one. In fact, technology seems to be changing the way investors are dealing with the real estate market. With the development of virtual and augmented reality, blockchain, and artificial intelligence, the scene of the real estate market seems to have provided a whole new experience for all market players.
Technological Advancement in Real Estate Market
Virtual Reality for viewing the property
With the current change in the augmentative reality, people no longer need to go visit and view the property in person. Instead, they can have a real viewing experience from the comfort of their home whenever they are in the world. This means that the base of buyers and investors has increased. Moreover, people can restore to virtual or augmentative reality to figure out all that they need to know about a certain property’s history, features and amenities.
More transparent transactions with blockchain
The introduction of blockchain technology into the real estate market has brought about many advancements that have allowed the transaction to become more efficient, secure and dependable. With cryptocurrencies, investors do not need a third party, which encourages them to use them to cut costs and save money. It is no wonder then that the Dubai Land Department has created a blockchain-based system that facilitates the safe transfer of real estate ownership.
Mobile Apps for a better user experience
With mobile apps, investors can have real-time property information and deal facilitation. These applications can offer area details and information about available. Additionally, some applications like the Dubai REST App let users submit offers and finish transactions all from their phones.
AI has improved the user experience in the market
Artificial intelligence has provided a better experience for all players in the market and helped them make a more informed decisions. Artificial intelligence has the ability to monitor the market 24/7, thus giving people interested to buy, sell or rent out their property real-time updates about the movements of prices in different areas in matters of seconds. By doing so, it prevents overpaying and underselling. Furthermore, artificial intelligence can predict the movement of the value of the property for up to a year, which gives investors better insight into what to choose and what not to choose.
Big data analysis for more informed decision
Artificial intelligence is not the only way to help investors make a better and more informed decisions. Big data analysis is an additional and very important factor. Investors can make more informed decisions by analyzing data from various resources such as real estate listings, social media, and market trends. Such kind of analysis can assist them in locating properties with high potential for capital gains or areas with a high desire for rental properties.
Smart Homes increased safety and convenience
A smart home cannot only be controlled remotely but also help identify break-ins and stop them as they are provided with very advanced technology. Having such a high level of safety encouraged more people to invest in such properties. Moreover, smart homes can know and enable the preferences of the residents. For example, smart thermometers can change a home؛s temperature based on the preferences of the residents.
Drone use for better property surveys and checks
Another option that can help Buyers and can make better choices is drones. If they have access to detailed aerial video of a property, including the exterior, roof, and nearby areas, they are able to know for sure whether or not the properties suit them or not. Drone use can also hasten the inspection process, sparing both buyers’ and sellers’ time and money. In summary, technology has left a significant impact on the Dubai real estate market, as it has increased transactional security, and efficiency, and also enhanced the overall user experience. With the aid of some technological tools, buyers and investors can now examine properties from any location in the world, access real-time information, and make better decisions.
Have you ever made use of advancements in technology to make better decisions about investing in a property in Dubai? Are there other developments or advancements that you would like to add to our list? Do not hesitate to share all the information you have in the comment section below.