Dubai :
Unleashing the Power of Technology to Transform the Middle East’s Real Estate Landscape
It’s astonishing to fathom the manner in which technology has revolutionized the economy in
today’s day and age; from the administrative level all the way up to the executive level, several
processes and transactions within corporations are now digitalized. The process of buying and
selling property, and property management in general, is more efficient now than it ever was.
The days of sifting through articles, and flying through brokers to find a house that fits your
needs are no longer here. Now – in addition to using tools like AI, AR, and VR – optimization
and innovation take place at an astronomical level, giving rise to major improvements in a more
quantifiable and controlled way.
With that being said, Verve Management commenced their Middle East Proptech Innovation
Summit – on May 24th, 2023 at the Waldorf Astoria Dubai Palm Jumeirah, UAE – to shed light on
the rapidly transforming Real Estate Sector, within the Middle East. Over two days, over 150
experts from the UAE, Oman, Saudi Arabia, and Qatar collaborated on one platform to initiate
the discussion surrounding this field, delving into the manner in which the recent pandemic has
further accelerated the advancement in prop-tech innovation within the region.
Through the course of the Real Estate in the Metaverse fireside chat, Managing Director at eXp
Realty Dubai, Dounia Fadi, highlighted a key component in the real estate technological
revolution – dependence. Fahad Deskmukh, Group Head of Process & IT at Sobha Realty –
discussed harnessing the Metaverse’s potential as a vital investment, which can, in turn, put
certain drawbacks into play like lack of personalization, and possible discoordination. “When
you’re talking about changing technology, there’s always the idea of remaining dependent on
technology too”, said Dounia during the conversation. For instance, the substantial uprise in
mobile coverage within property management has attracted brokers and associates to
transactions day in and day out, compared to printed property listings. However, this can be
counter-argued too; “Buying property is an emotional process,” Dounia added, “people want to
see what they’re buying, and feel how it would make them feel.”. In short, technology is a tool,
but people always take priority.
“We have more to gain from technology and artificial intelligence than we do to lose from it,”
said Nikhil Choudhary – Partner at Nirman Ventures whilst delving into the latest cutting-edge
property technology, that grasps focus within the region. Through the course of his discussion,
Nikhil highlighted that the challenge with technology stems from the costs and disruptions
brought forward by the adoption of technologically-centered practices. However, in the age of
the digital revolution, difficulties tend to be overshadowed by the plethora of long-term
positives that digitalization tends to bring. Experts like Nikhil found it necessary to help break
down the barriers preventing property developers and managers from indulging in tech-
centricity. Digital transformation has continually been a driving force in revolutionizing the field
of real estate, and embracing this drive is integral to a flourishing industry.