Other than industries like hospitality and aviation which are on the path towards a recovery, after a lull during the pandemic in the UAE, the real estate sector has started growing at an accelerated pace with an 80% rise in business during the new normal. Like other industries, the property market in the Emirates has also benefited from the digital revolution, as online platforms have been rolled out for everything from property evaluation to investments in the emerging smart city of Dubai.
Technology has further transformed the construction sector by deploying robots, and geospatial imaging has been used by the local body in Dubai to create a digital twin of the city, for mapping out assets. Following these fast-paced developments during the new normal, the crown prince of Dubai Sheikh Hamdan has launched an online portal which allows real estate players to get a comprehensive picture of the industry’s growth in the current environment and scenarios that may arise in the near future.
Aimed at strengthening informed decisions and data-driven policy making in Dubai’s property development sector, the RE-Tech platform uses AI to create a real estate model for stakeholders in the business. Insights generated by smart data analysis can help them evaluate the profitability from a project, before laying a foundation for the structure, by tracking the ever-changing market sentiment.
A database created by information gathered through the platform can map out the future for Dubai’s property market, if best practices are followed in the industry. The portal also empowers the administration to create smart strategies for encouraging further investment in the city’s real estate.
So far in the post-pandemic age, apps have been launched to help property owners as well as buyers, gauge the accurate value of assets in Dubai. On the other hand there are platforms which are allowing investors to buy stakes in the the city’s real estate for as low as AED5000.
The blockchain boom has further opened doors for properties in the UAE to be sold in the form of crypto tokens.