CIOMajlis – Real estate industry in the new normal
09 August 2021, Gulf News – gulfnews.com
The IT market in real estate is expected to reach a value of USD $13.46 billion by 2026.
Technology plays a crucial role in shaping the real estate industry. The adoption of digital real estate solutions have increased at an exponential pace as many developers are eager to leverage their tech investments to improve their return on investment, speed of completing transactions, customer engagement, decision making and buildings performance.
According to Mordor Intelligence, The IT market in real estate was valued at USD 6.75 billion in 2020 and is expected to reach a value of USD 13.46 billion, by 2026, at a CAGR of 12.2 per cent, over the forecast period (2021-2026).
How comfortable, connected, and safe we feel in our physical environment matters, and the COVID-19 crisis has accelerated the need for these significant changes in the real estate industry. Today, location is not the only thing that matters in real estate, developers have spread to another area which is customer experience.
Many tenants have chosen to migrate to larger units during and after the COVID-19 crisis as a response to the change in working and learning styles. Tenants basically require a good space to support “work from home” and “online learning” requirements.
Many developers realized the shift in the demand as an opportunity. Therefore, developers have adapted to digital methods to make home-buying easier and hassle-free. With online assistance and virtual tours, buyers can view the interiors of the apartment and every other aspect of multiple properties without having to travel anywhere.
Many developers are working to reimagine the tenant living experience across their properties. Many apps have been introduced to manage elements of their personal lives, like moving into an apartment, use digitally-enabled concierge services, submit and manage maintenance requests and make rent payments seamlessly.
Moreover, developers re-designed their internal organizational processes in order to achieve high level of efficiency, increase the overall productivity and adopt paperless strategy endorsed by UAE government.
On the commercial office side, new technologies are helping to enhance buildings efficiency and environmental conditions. The modern tenants and homeowners are prioritizing security. They prefer to live and work in buildings that are protected with advanced cameras and sensors. With the help of 5G, it has become easier to connect those devices and produce high definition of images and transmit them wirelessly and instantly anywhere.
Previously, elevated photography & videography have been attainable through the use of airplanes and helicopters. Today, drones make them both possible and affordable.
With cloud computing, developers can essentially move the office online, allowing their professionals to be productive, always. They can work from any location, using any device.
Blockchain technology supports tokenization which allows buyers and sellers to prepare real estate contracts with comprehensive encryption and built-in legitimacy checks. Besides, the blockchain ledger feature facilitates the landlords in easy and secure storage of property documents.
The CIOMajlis was established in 2016 by Smartworld under the patronage of His Highness Sheikh Ahmed Bin Saeed, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline & Group.