Disruptive technologies to impact GCC real estate sector; report
A report by Orient Planet Research examines how the real estate market can utilise technological innovations
A report released by Orient Planet Research has revealed that the retail estate market is beginning to embrace disruptive technologies to transformation processes.
The report, titled "Disrupting Real Estate: The Impact of Technology and the Industry's Future", highlighted despite the regions strong performance, the tools of the trade have not evolved to keep up with technological innovations.
These include, drones, artificial intelligence, the Internet of Things, virtual and augmented realities (AR), 3D printing, and blockchain are processing are reshaping and reimagining the experience of both real estate brokers and investors.
Nahla Nana, research and innovation director of Orient Planet Research, said: "As older systems and traditional ways of doing business become less inefficient amidst today's evolving markets, many real estate companies are now combining their expertise with available modern digital tools to get ahead of their competitors, increase their efficiency and productivity, and most importantly, enhance the experience of their clients.
"Such a crucial move is fundamental, especially for organisations who want to remain relevant in a technology-centric, highly connected world. It is also in sync with the UAE and the rest of the GCC region's significant digital and ‘smart' transformation efforts. It pays to be attuned with modern trends for regional organisations to become globally competitive and maintain their edge."
The report pointed out that AR has gained popularity due to higher user engagement through visual interaction, plus a 3D version of the property can be viewed using AR, allowing users to view the property from different angles. Drones are capable of capturing aerial views of properties but can also gather data enabling firms to efficiently compute insurance and property prices by identifying risk factors such as flooding, subsidence, or landslides.
"The rise of smart cities in the GCC is spurring all these significant technological developments. While the region is fast catching up with their use, much still needs to be done to maximise their potential. Aligned with the region's vision for a technology-driven future and the sustainable smart city agenda of many of its states, our research offers a novel concept for residential and commercial real estate developers, among others, to use cutting-edge technologies - some of which are not yet available in the region - to elevate client experiences and improve customer satisfaction," Nana added.