Frank Vito, Real Estate Investment Advisor & CEO of Starling Properties, confirmed that the UAE occupies a distinguished position. It is considered a significant centre in the real estate market at the regional and global levels, thanks to the outstanding infrastructure and economic policies that attract investment. The real estate sector in the United Arab Emirates has achieved remarkable growth in the last quarter despite the global economic challenges.
Frank said that Dubai and Abu Dhabi emirates topped the list of “the most improved markets” in the world. According to the global real estate transparency index issued by the “Starling Properties” company. In addition to classifying Dubai for the first time in the category of “the most transparent market” to become the first real estate market in the region.
The Middle East and North Africa fall within this category, which confirms its leading position in the real estate sector. The Dubai real estate market witnessed a promising start along with the mid-year journey. During January, the real estate sector achieved a remarkable increase in the number of real estate transactions, with a rise of 128% compared to last year and more than 70% of the value of these transactions.
The growth of the real estate sector in Dubai is expected to continue in the coming years.
The economic policies and initiatives aimed at achieving sustainability and advanced technology, such as smart cities and smart building technologies. That will encourage more investors and local and international companies to search for new opportunities for real estate investment in Dubai. Among those solutions is Technology, Real estate technology or “Proptech”, which is increasingly used to simplify real estate asset management and enhance efficiency.
“Prop-Tech”
Frank Vito said that the term “prop-tech”, which consists of the words technology and real estate, was used for the first time in the nineties of the last century. It is an inclusive term that refers to the various digital technologies companies operate in the real estate and asset management sector. These tools help manage multiple aspects of the real estate sector, from sales to delivery, facility management, maintenance operations, contract management, etc.
That technology may be in the form of computer software or mobile applications in addition to specific devices such as sensors, cameras, or virtual and augmented reality technologies.
The number of companies that provide real estate technology solutions and those that use them has increased dramatically in recent years. According to the Unissu website, more than 8 thousand companies offer real estate technology solutions. The trend to invest in that promising sector over the past two decades. 2000 The amount of investment in the real estate technology sector was a few million dollars globally, and by 2020, that figure had increased to $10 billion.
Digital Transformation
Frank said that real estate technology contributes to the real estate industry’s development by providing valuable solutions to simplify and automate operations. That helps to reduce costs and enrich the experience of customers. Companies and institutions can reduce maintenance expenses, enhance operational efficiency, and increase productivity using digital solutions like the platform. PlanRadar.
Improved asset management
Real estate technology companies such as real estate management software providers can provide asset management professionals with intelligent and easy-to-use tools to manage their real estate portfolios and keep track of assets. Facilities managers can use mobile applications and computer software to follow up and record all operations in the property or facility, providing them with real-time data, information and reports. It helps them make informed decisions faster and more flexibly and enhances their abilities to deal with and manage problems without compromising the facility’s or property’s operational processes.
Promote cooperation
Using new technologies such as cloud computing, mobile applications, and smart devices helps manage tasks and follow-up work digitally without needing paper or manual work. It also enhances communication between all work team members, even in different locations, and provides immediate access to the latest project documents, which enhances cooperation. Facilities management software streamlines workflows and speeds up tasks, leading to better remote project management and understanding of all project participants.
Data-driven informed decisions
Frank pointed out that thanks to the accurate documentation capabilities of these digital solutions, real estate and facilities managers can follow all aspects of the project. Keep abreast of all developments and changes in the property and make informed decisions based on analyzing data and immediate information provided to them by facilities management software.
How is technology changing how real estate is bought, sold or rented?
Real estate technology development improves the customer experience by providing practical solutions that make renting, selling or buying a property more accessible and faster than ever.
1. Online real estate platforms
Real estate technology helps facilitate real estate transactions by communicating between sellers and buyers using online real estate websites and platforms. That provides a convenient way to display real estate for sale or rent, and those looking to buy or rent can see all the real estate offered in the places they want and at the prices they want.
2. Virtual tours
Frank added: Virtual tours have become an effective tool in the real estate sector. This technology allows tenants and potential buyers to explore and view real estate without the need to leave their homes.
3. Automation
Frank said that with the advancement of technology and the faster trend towards digital transformation. Automating real estate operations has become more common as it provides many valuable advantages, including accelerating and simplifying real estate management processes, improving real estate services offered, and reducing costs and time taken to complete them. That increases customer satisfaction and stimulates growth in the real estate industry.
These include document auditing, deal execution, rental management, invoicing, cash collection, reporting, and real estate transactions such as contract registration, rent collection, check payment automation, and more. Real estate process automation helps improve process efficiency, reduce human error, improve customer experience and reduce administrative burdens for real estate professionals.
Technology contributes to the development of the real estate sector, as modern technologies are used to enhance the efficiency of operations and improve the user and buyer experience. This technology includes digital solutions such as artificial intelligence, virtual reality, machine learning and data analytics. That helps provide accurate information and reliable analytics to enable the real estate industry to better meet the needs of users and buyers. Technology is expected to continue to transform and improve the real estate industry.
