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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.
Isha Surve (firstname.lastname@example.org)
Verve Management UAE
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