Technology is revolutionising the way we work, live and play. And it has opened doors to never-before opportunities for people to also make significant savings through new tech platforms.
In the property sector, the most significant influence comes from machine learning and artificial intelligence, which provide unprecedented insights on customer demand, aspirations and market trends, and enhancing the way machines perform their tasks based on pattern recognition.
This can be used by real estate stakeholders to control expenses effectively, mitigate risks and ensure higher returns through algorithms that are designed to predict and factor in individual investor needs.
Alongside is the emergence of blockchain technology – indeed, AI and blockchain technology are fast converging – opening new opportunities for the business sector.
In Dubai, the Dubai Blockchain Strategy, announced by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum; Crown Prince of Dubai, Chairman of the Executive Council of Dubai, and Chairman of the Board of Trustees of the Dubai Foundation of the Future, has set a clear roadmap for businesses to tap into the potential offered by blockchain technology.
The cost savings to be gained from leveraging blockchain technology in real estate is enormous. According to a report by McKinsey, buyers pay at least $3.5 billion annually in administrative costs in the Organisation for Economic Cooperation & Development (OECD) countries, which can be significantly reduced through digital processing.
Today, the real estate sector is facilitating a more tech-driven eCommerce experience, as technology companies have increasingly focused on unlocking information, gained from big data analytics, to empower customers to make more informed decisions.
We will see the impact of such advanced technologies as blockchain and AI in the UAE’s property sector – transforming how we do business. Globally, such advanced technology will bring changes that are more significant for businesses than the invention of internet.
The future of real estate indeed lies at the intersection of technologically enhanced properties and platform technologies that leverage artificial intelligence, data science, and mobile technology. Alongside, it is important for, real estate professionals to upskill themselves with the knowledge of finance, investment, strategic planning, and networking to survive the technology disruption.
Cecilia Reinaldo is Chief Executive Officer, Home Owners Direct.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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