Dubai continues to grow and adopt the latest technology in any field. Regarding real estate, the Emirates knows the opportunities the tech field can provide this industry. PropTech has started to transform how transactions are conducted and regulated. This has successfully attracted more local and foreign investors to direct their attention and funds to this sector. However, this does not come as a surprise, as PropTech has improved the efficiency, transparency, and accessibility of all transactions necessary for the investment process. To learn more about the matter, all you need to do is to read along.
What is PropTech?
PropTech refers to using technology to advance the procedures associated with real estate investing. These technologies include but are not limited to artificial intelligence, blockchain, virtual reality, and the Internet of Things (IoT). Dubai has successfully utilized the tools provided by PropTech to revolutionize this sector and its regulations.
How PropTech has revolutionized the real estate sector:
- The introduction of the blockchain strategy
So far, there have been three areas where the Dubai Land Department introduced blockchain in the real estate section. These are:
- Ownership verification in the DLD mobile application
- Property sales by developers
- Smart leasing
The government of Dubai has resorted to this technology in this sector to achieve several goals:
- The blockchain strategy makes it possible to eliminate the possibility of reproducibility from digital assets. This will create digital assets that are trusted by all those involved.
- With blockchain, property transactions can be recorded from start to finish, providing all participants with shared, immutable, and transparent data.
- Paper documentation can be replaced with digital records, which helps in saving time and reduce clutter.
- Integrating required stakeholders through the blockchain network increases operational efficiency by eliminating manual processes.
Making use of artificial intelligence
We cannot avoid artificial intelligence’s effect on the real estate sector in Dubai.
- Chatbots are used to answer queries and questions and provide feedback to have more significant customer satisfaction and eliminate the workload on employees.
- AI is also used to analyze vast amounts of data to identify trends and patterns in the real estate market. This helps real estate companies make informed pricing, investment, and development decisions.
- Because AI can tell a property’s value movement for a year to come, it allows investors to sell at the most appropriate time.
- With AI, investors can view property values in as little as ten seconds, which helps to keep overpaying and underselling to a minimum.
Improving User Experience with Virtual Reality
Virtual reality is another step that has helped Dubai’s real estate market flourish.
- Customers do not need to be based in the city to view the property they want to invest in and can simply tour it online.
- This has encouraged more people to invest in the field and has made the targeted audience much larger.
- People can save time and forget about physical visits, so more are tempted to invest in the field.
Utilizing the Internet of Things
The real estate industry is using the Internet of Things (IoT) to make property management more efficient:
- Intelligent sensors and meters can now monitor and control the usage of utilities like electricity, water, and gas.
- Property managers can identify inefficiencies and reduce costs, saving money in the long run.
- Smart locks and access control systems improve building security, with mobile apps for easy control.
- Property managers can focus on other essential tasks with IoT devices while the devices monitor and control utilities.
- IoT devices can help save energy and reduce environmental impact by identifying wasteful usage and reducing consumption.
Introducing the REST platform
Since the launch of the “Real Estate Self-Transaction” abbreviated as REST platform by the Dubai Land Department (DLD), the real estate sector has witnessed a massive transformation for the better. This platform allows investors in real estate to complete all transactions electronically without leaving their homes. In addition, the platform has streamlined buying and selling properties, reducing the time and costs associated with traditional commerce.
To Sum Up
The government of Dubai has understood the importance of the real estate sector for the city’s economy. Therefore, it has done everything possible to improve it and encourage more people to invest in this industry. Using technological advances has provided a better experience for buyers and sellers. Have you considered investing in the real estate section before? Why? Tell us about your insights in the comment section below. As always, we cannot wait to hear from you all.