Complex Made Simple

Technology is transforming the real estate sector with innovations like AI and blockchain

Today, the property sector dynamics globally is being shaped by the latest trends in technology, including block chain and Artificial Intelligence.

Drawing on data insights and deploying machine learning and other technology that offers predictive insights, the property sector witnesses the transformation of the real estate space into ‘smart environments' One of the most profound impacts of technology innovation in the real estate scene is that homes are now more affordable for a wider population Deloitte points out that “real estate services of the future must evolve from building and systems management to the integrated management of spaces for users"

Technology is transforming every walk of life, and its influence is pervasive across all business sectors. The real estate sector is no exception. Today, the property sector dynamics globally is being shaped by the latest trends in technology including block chain and Artificial Intelligence.

In a study on the impact of technology on the real estate sector, Deloitte points out that “real estate services of the future must evolve from building and systems management to the integrated management of spaces for users.”

We already witness this happening in the industry: From the concept of real estate as ‘home or office space,’ the sector has evolved considerably. Today, co-working and co-living space are already a reality in the UAE, and more developers are looking at alternative owning and sharing models to create value for investors.

More by this author: Why pay rent, when you can invest and live in a dream home?

Drawing on data insights and deploying machine learning and other technology that offers predictive insights, the property sector also witnesses the transformation of the real estate space into ‘smart environments.’ In addition to the focus on promoting sustainable living through ‘green buildings’ we see technology integration at all touch points to ensure that residents, especially the tech-savvy youth population, have a sense of community.

Further, the concept of community living has evolved too: Gone are the blocks of apartments around which convenience stores open. Today, developers are focused on building integrated neighbourhoods that provide all amenities – from retail to leisure and hospitality – right at the door step of the residents, adding to their quality of life.

More by this author: Dubai is the most attractive destination to invest in property

In fact, one of the most profound impacts of technology innovation in the real estate scene is that homes are now more affordable for a wider population. And I am not talking about value housing; I am talking about the big shift that is happening whereby more developers are building homes that are affordable to a larger population.
There are several factors that have brought this change: One, is the shift in lifestyle preferences of the youth, who prefer trendy communities, and co-living spaces that help them to share the burden of home ownership. Two, advanced technologies such as 3D printing are bringing down the cost of construction – from a long-term perspective – and also accelerating the speed of construction.

More developers are willing to offer convenient long-term financing plans as well as easy instalment options, enabling more young people to invest in their dream homes. Technology has no doubt transformed the industry – and customers must leverage this evolution and benefit from it.