Mubasher: The GCC real estate market has witnessed remarkable growth over the past years, with the sector remaining resilient despite the effects of oil price fluctuations, according to a recent report by Orient Planet Research.
In the UAE alone, the local industry is expected to climb at a compound annual growth rate of 6.4% from 2015 to 2019, the report indicated.
Despite the regional market’s strong performance and positive outlook, the tools of the trade have not evolved much to keep up with the technological innovations dominating the world over.
The sector is now eagerly navigating its way through a digital transformation to optimize processes and achieve significant value increases, stated the report.
“As older systems and traditional ways of doing business become less inefficient amidst today’s evolving markets, many real estate companies are now combining their expertise with available modern digital tools to get ahead of their competitors, increase their efficiency and productivity,” said Nahla Nana, Research and Innovation Director of Orient Planet Research.
The report examines various significant disruptive technologies for the property industry over the next decade, in particular, it examines how drones, artificial intelligence, the Internet of Things, virtual and augmented realities, 3D Printing, and blockchain processing are reshaping and reimagining the experience of both real estate brokers and investors, the report highlighted.
