May 22, 2024

UAE Real Estate Sector Embraces Virtualization

UAE Real Estate Sector Embraces Virtualization: Is This A Result Of Their Tech-Savvy Culture?

Last Updated on November 8, 2023 by Editor

During the 2009 worldwide economic recession, the real estate market of UAE was among the industries that were severely affected. Real estate industry experts projected that since the industry had matured before the epidemic, it will revive in time for Expo 2020. But the eruption of COVID-19 brutally hampered the UAE real estate market. In the post-pandemic situation, the world learned how crucial global mobility is. The UAE appears to be using this approach to stimulate the economy, and the real estate industry has benefited significantly from this move.

The real estate sector is gradually incorporating technology breakthroughs and adapting to meet client demand. Real estate has predominantly lagged behind other industries in adopting digital technology, including the financial, medical, and retail sectors. The adoption of technology is considered a high strategic priority by 69% of real estate owners internationally.

Real Estate Events In The UAE Focused On Virtual Properties

Since real estate events on a large scale have been shut down as a result of COVID-19, the leading real estate event planners, and exhibitors must now be innovative and creative. A project like this is Cityscape Intelligence, an internet site enabling real estate investors to get a general understanding of the listed properties. The online platform established a hybrid concept for 2021 that was based on in-person, physical, and live events. The real estate industry will be strengthened as a result of such events since it will allow real estate investors to make property investments that meet their interests and requirements.

Two Top Innovations Building The Better Homes In UAE

A new era of lifestyles is about to begin, and real estate executives and operators are eagerly awaiting this innovative start. The first top innovation is 3D printing buildings. The first 3D-printed office building will be constructed, according to a project published by the National Innovation Committee of the UAE. So, the upcoming major paradigm shift in UAE real estate will be the development of 3D printed residences. Virtual reality tours, which let investors view potential properties even before they are built, are the second astonishing innovation. Due to advancements in technology, potential buyers for real estate may now evaluate several residences from any location and at any time.

Solution Integration That Combines Human-Centeredness And Technology

As part of digitalization in the real estate industry, one of the main goals is to provide significant results by addressing current issues. A human-centric perspective must be used when dealing with real-world problems. Integrating human-centered and technology-driven approaches may provide equitable, optimistic, and interactive experiences by blending economic progress with the solution of social issues. Participants in the real estate market must fully embrace technological advancement if they don’t wish to leave the sector.

Data Analytics Solutions That Focus On Customer Centricity

Data analytics is a rare resource in the technology-driven world. Customers are thus becoming more aware of machine learning and AI technologies that enable more accurate market forecasts and risk management for real estate investment decisions. Real estate development should be customer-driven to create long-term value. A broader study of consumer segmentation and a more realistic prediction of consumer buying patterns are possible by utilizing real-time information provided by data analytics.

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