Technology is expected to drive Dubai’s real estate market to further gains amid a surge in tech-literate millennials investing in property, according to a leading industry expert.
Despite a raft of real estate reports highlighting the positive sentiment in the emirate, including Chestertons, who revealed total residential transaction values in Dubai increased by almost 50 percent in Q2 compared with the previous quarter, up over AED10 billion to more than AED31bn, Sean McCauley, co-founder and CEO of Dubai-based Devmark Group believed there were opportunities to improve further.
And he highlighted technology as a “game changer” for the industry. He said: “The real estate industry is undoubtedly changing and is now more than ever focused on innovative technologies and bringing new methodologies and tech-driven approaches to the fore.
“The uptake of new technology by developers, consultancies and brokers is becoming a game changer. The market is currently lagging behind other global hubs in utilising basic technologies, so an uptick in adoption will see Dubai compete on the international stage.”
According to the platform FinanceOnline, millennials will remain the largest real estate buyers in 2021 worldwide. This is expected to continue and grow in 2022, accounting for around 55 percent of global real estate market sales.
“Millennials have always been disruptive from a technology perspective; however, the real estate industry was lagging because millennial buying power was stagnant. Their buying power has now caught up with the market price, and we’re now seeing less dynamic and progressive consultancies struggling to bridge the gap and capitalise on this burgeoning vertical,” added McCauley (pictured below).
As the market grows, many within the real estate industry have been forced to reassess their marketing strategies and adapt to the changing needs of millennials and the way they utilise technology. Companies are adjusting their websites to allow this market segment to view properties virtually, watch videos, view floor plans in 3D, and see interactive maps of the neighbourhood from wherever they are in the world.
McCauley added: “The more companies embrace technology, the greater the competitive advantage they will have; unfortunately, those not following the curve will be the ones found wanting as the real estate industry moves forward.”
Follow us on
