The use of advanced technology has already been a front runner in major developments in the UAE. However, in today’s times, the need to rely on the latest tech solutions has increased up to a great extent. The ongoing crisis triggered by COVID-19 has given rise to numerous challenges and market pressures across industrial sectors and the real estate industry is no exception. As the industry was steadily growing, the crisis forced by the global pandemic has acted as an undesired and unpredicted halt.
Needless to say, the need of the hour for both developers and project owners is to adapt to the ‘new normal’ to help revive the industry once the curve starts to show signs of flattening. Currently, the real estate industry of the UAE is well-positioned to implement effective tech solutions to cater to the needs of buyers, sellers, and tenants. Since the country is already technologically advanced, adopting digital transformation and implementing tech solutions in this sector won’t make for a hefty task. By doing this, it will also have an opportunity to become a benchmark for real estate industries globally.
The UAE’s administrative bodies are also playing their part in this regard. For instance, RERA (Real Estate Regulatory Agency), in Dubai, has reduced service charges. This has alleviated the cost to buy a new property in Dubai. Furthermore, developers now offer a virtual tour of the properties through their website. This way, buyers/investors can have an idea of how the property looks even without physically visiting it. Thus, limiting the chances of spreading the virus. Even if the world is free of coronavirus, this tech-based facility can prove to be of great convenience. It will not only save time for buyers or investors, but sellers will also be spared from dealing with uninterested parties.
Health experts in the UAE have also imposed certain limitations. These limitations are in contrast to norms and practices people used to follow before the world was hit by COVID-19. For example, social distancing norms are to be followed. This has resulted in the reduction of staff available onsite. Moreover, surfaces that are touched frequently i.e. thermostats, access control, lighting buttons, and elevator buttons are now transformed to offer touchless solutions. Other than that, solutions are developed to monitor and track the number of individuals visit a particular building. High-tech solutions are developed to ensure this tracking & monitoring is done accurately.
As per CEO & Founder of a leading technology company Facilio Inc., Mr Prabhu Ramachandran, reliability on data-driven solutions can make the industry more responsive. Moreover, these solutions can also help to make a seamless transition to what people have been calling the new normal. Facilio has also launched a solution called “Rebuild” for this purpose.
Different aspects of technology i.e. data analyses, predictive analytics, AI, mobility, real-time control, cloud-based storage, etc. can be combined to make effective solutions that can serve the real estate industry. Not only the deployment of such solutions will make things easy for project builders and real estate agents, but those who are looking to make a real estate investment. They will also be able to get advantage from such solutions to make an informed decision.
Based on these solutions, the real estate sector can move forward in a more effective manner. AI-generated analytics and real-time data analyses stored using centralised cloud-based storage can greatly help the involved parties to make the transition. All these technologies discussed above are already in use. The major work left to be done here is to combine them in a seamless manner to develop new, and more effective, solutions for the real estate development sector.
The real estate industry in the UAE is already heavily dependent on advanced technology. Right from meeting customer expectations to managing different properties, agents and development firms have been relying on this technology. Keeping in view the growing use of smartphones & tablets, many real estate firms & other bodies that work in this industry had come up with their dedicated apps in pre-COVID times. These apps allow their clients/customers to get in touch with the respective companies directly and avail their services. Furthermore, such apps also facilitated them to form an uninterrupted communication link with them for providing better customer support services.
However, COVID-19 has added to this growing list of concerns for them. Fortunately for them, the existing solutions already deployed in the industry can accommodate these changes. They can be remoulded to incorporate the new list of requirements and improve their efficiency.
With the help of the Internet of Things (IoT) technology, the interested party can gather information rapidly for an entire building. Even, getting real-time data for an entire portfolio of a developer is not really a challenge anymore. Other than that, the management of a project can also schedule sanitization & deep clean services on a regular basis. These tasks can be digitally automated for enhanced convenience and comfort using the latest technology-based solutions.