There has been a technological shift seen in the global real estate industry in recent years, which has made it apparent that property technology i.e. PropTechand AI are not going anywhere.
As a matter of fact, it has become evident that they are only going to grow. Grand View Research has shown that the global growth of 38% is expected in the AI market by 2030.
This is obvious from the fact that there has been significant expansion recorded in the AI sector, along with other cloud-based solutions.
The capital is aware of the full scope of leveraging innovations in PropTechand the various benefits it can offer not just to the country, but to the players in its real estate industry.
The partnership between Advanced Real Estate Services, a property developer, and the Department of Municipalities and Transport last year saw the rollout of two platforms.
The first platform is known as Quanta and it was introduced for ensuring accessibility of real estate data for everyone.
This data comprises of dashboards and reports that can be used easily and offer vital information on real estate supply, transactions, financial solutions and also the overall performance of the real estate market.
The other platform is named Dari and this one offers cybersecurity, protecting consumers against fake agents, scams and false online property listings.
Investors can also use the platform as a one-stop solution because it can be used for handling all real estate operations, from leasing and sale of properties to reviewing licensed agents and making real estate dashboards.
The private sector
Taking into account the moves of the government, Abu Dhabi’s private sector is also aware of the major changes that PropTech has brought about and the competitive advantages it is capable of offering.
Therefore, a number of businesses in the emirate have decided to support startups in the PropTech sector and have made significant investments in these emerging companies.
Recent years have seen a number of PropTech startups enter the market with some innovative solutions.
The COVID-19 pandemic also reinforced this because there was a rise in the urgency of such technological developments.
For instance, Huspy was established in 2020 to assist people in locating verified properties for clients, making viewing arrangements and also finding the most suitable mortgage and financing options.
PropTechapplications are capable of delivering excellent value to real estate players, whether it is the government, landlords, investors or agents.
This applies to different technology, including GIS mapping, virtual and augmented reality, digital twinning or blockchain, AI-powered big data analysis and 3D printing.
Even though the PropTech revolution is moving at a much slower pace than other technology disruptions that have happened in other markets, it is certainly the time for it to make its mark.
The private sector and the government is becoming aware of the role this revolution can play for improving the interaction between different real estate parties.