Property businesses in the GCC are quickly adopting new technologies including 3D tours and drone, revealed a new report released ahead of last week’s Cityscape Global conference in Dubai.
The Disrupting Real Estate: The Impact of Technology and the Industry's Future report by Middle East research firm Orient Planet Group said Gulf Cooperation Council nations including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have been slow to adopt technical innovations in online real estate, but are now catching up and using emerging prop tech such as virtual reality, augmented reality and drones.
“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, and most importantly, enhance the experience of their clients,” said Nahla Nana, Research and Innovation Director of Orient Planet Research.
“Such a crucial move is fundamental, especially for organisations who want to remain relevant in a technology-centric, highly connected world.
“It is also in sync with the UAE and the rest of the GCC region's significant digital and 'smart' transformation efforts. It pays to be attuned with modern trends for regional organisations to become globally competitive and maintain their edge."
The report examines various significant disruptive technologies for the property industry over the next decade and why regional real estate firms must be agile and flexible enough in embracing them.
These included augmented reality and virtual reality to showcase properties, drones, artificial intelligence, the Internet of Things, 3D Printing, and blockchain processing.
"The rise of smart cities in the GCC is spurring all these significant technological developments," said Nana. "While the region is fast catching up with their use, much still needs to be done to maximise their potential.
"Aligned with the region's vision for a technology-driven future and the sustainable smart city agenda of many of its states, our research offers a novel concept for residential and commercial real estate developers, among others, to use cutting-edge technologies – some of which are not yet available in the region – to elevate client experiences and improve customer satisfaction.
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. In the UAE alone, the local industry is expected to climb at a compound annual growth rate of 6.4 per cent from 2015 to 2019.