International technology company officials confirmed that Dubai has become a global leader in using the latest technologies in the real estate sector, including artificial intelligence, virtual reality, the Internet of Things, and blockchain. They stated that the growing use of these advanced technologies has turned into a factor that enhances the appeal of Dubai's real estate sector for investors from outside the country, especially wealthy individuals whose appetite for investing in the emirate's properties has increased.
Officials noted that technological advancement is changing the landscape of this vital sector, as technology has become an essential tool for reshaping the way properties are bought, sold, and managed, particularly in a city known for its high ambitions and constant desire for innovation. Dubai today leads a new era that relies on technology to raise real estate market standards to unprecedented levels, creating a new attraction for wealthy investors.
Founders and executives of companies specializing in real estate technologies indicated that the "REIS Real Estate Innovation" initiative launched by the Dubai Land Department last May, which aims to position Dubai on the global map in the field of real estate technology and AI, represents a turning point in the real estate sector in Dubai due to its role in enabling companies to lead the targeted transformation and innovation process.
They added, "In recent years, Dubai has been able to achieve a significant technological leap in the real estate sector, which is considered a conservative sector worldwide, relatively resistant to new changes. Interestingly, Dubai is currently leading the global curve in adopting and implementing technology in real estate, which opens up new investment opportunities and establishes new startups in the sector, while also serving as a point of attraction for the elite wealthy who are always excited by new, innovative, and unprecedented ideas."
The essence of real estate technology involves relying on an innovative technical system, starting from the way individuals search for, rent, buy, and sell properties, to the management of assets post-sale.
Karan Nag, Head of the Middle East Office at global company "Anaciti," stated that technology is changing everything in real estate, particularly in Dubai. With consumer-oriented technology, innovation is key, as investors now understand technology better than ever and are seeking user-friendly solutions that comply with all regulations. Dubai's government's smart transformation efforts have boosted the growth of the "real estate technology" sector, leading to the creation of a digital ecosystem that enhances growth and innovation.
He added that "real estate technologies" can make significant and important transformations in the real estate market in Dubai and the UAE in general, by adopting more sustainability and digital transformation that drives the market. Noting that investors are very interested, he mentioned that UAE-based real estate tech startups have raised millions of dollars in the past five years, which has increased competition and led to more innovative solutions for consumers and the industry as a whole.
Nag highlighted that Dubai is leading the curve when it comes to adopting technology in real estate. Thanks to pioneering digital government initiatives, Dubai has undergone a comprehensive digital transformation, and the government's push for technology adoption has eliminated many old practices, such as paper transactions. Today, the vibrant startup sector in Dubai hosts 90% of startups in the UAE and captures 60% of regional funding.
Drawing on his personal experience working in diverse geographical areas such as Southeast Asia, the Asia-Pacific region, and the Middle East and North Africa, he believes that the adoption and implementation of technology in Dubai are faster than in most parts of the world. Timing is also a critical factor, considering the rapid growth in the real estate sector alongside changes in consumer behavior, as consumer expectations have shifted to a digital-first approach. With Generation Z taking the reins, technology will become a reality and the standard.
Nag noted that the "REIS" initiative could serve as a turning point in the real estate sector in Dubai, as it goes beyond support and addressing complaints, focusing on empowering companies to lead transformation and innovation by collaborating with regulatory bodies and other technology companies. "REIS" ensures that Dubai remains at the forefront of real estate innovation and enables key players to work together to achieve the government’s vision for a digital Dubai.
He mentioned that "Anaciti" is a mobile-based real estate technology platform that is revolutionizing property management through continuous innovation; it currently manages over 750,000 residential and commercial units worldwide, enabling community managers to offer a complete digital journey for all residents, tenants, and users. The focus is primarily on making daily operations smoother for everyone, enhancing community living and satisfaction.
Estefan Yuhas, CEO and co-founder of "Shard," remarked that the real estate sector is globally recognized as conservative and heavily reliant on traditional methods and procedures. However, Dubai has a significant opportunity to leverage the latest technological innovations to create radical changes in the real estate market.
He added that Dubai's real estate market could greatly benefit from virtual and augmented reality technologies, as these tools provide immersive virtual experiences for buyers and investors to explore properties remotely and in high detail and interaction, which is particularly useful for international clients who cannot visit properties in person.
Gurav Aydasani, founder and managing director of "Union Square House," stated that the real estate sector, which has traditionally relied heavily on conventional construction methods, is undergoing a rapid transformation driven by the digital revolution. According to research from "Presidens Research," the global real estate technology market was valued at $30.16 billion in 2022, and it is estimated to reach about $133.05 billion by 2032, with a compound annual growth rate of 16%.
He added that the pace at which real estate technology solutions are being adopted has significantly increased recently, with most real estate companies relying on at least one type of technology in their operations. These statistics reflect the profound impact of technological developments on the real estate sector, enhancing efficiency, improving user experiences, and encouraging sustainable practices.
Aydasani noted that innovations in the real estate sector are vast and limitless, with many companies and developers in various subfields adopting technology in Dubai across their operations, ranging from aerial innovation to automated property management, biometric verification systems, augmented reality for interior design, nano-technology in construction materials, quantum computing, smart cities, and advanced geographic technology.
He pointed out that drones contribute their advanced capabilities by providing stunning aerial images for buyers, while automated property management helps track contracts and schedule maintenance tasks, along with biometric verification systems which establish new standards in security and convenience. Moreover, augmented reality allows users today to visualize and design their living spaces on demand before making any physical changes, while the integration of nano-technology in construction materials opens up new possibilities for strength and durability, leading to longer-lasting buildings.
On another note, Charlie Barbari, CEO of "Easy Rent," mentioned that while Dubai enjoys a leading position in real estate technology, there remains room for growth compared to established global hubs like Singapore and London. Despite these comparisons, Dubai has the potential to become a key player in this global landscape for several reasons, including the Dubai government's strong commitment to technological innovation, such as launching the "REIS" initiative under the Land Department, alongside its strategic location and the growing demand for innovative and seamless real estate solutions.
He pointed out that Dubai offers startups an ideal environment for establishment, launch, and growth. His company was founded as part of an accelerator program at the Dubai International Financial Centre in January 2023 and operates on an innovative business model called "Rent Now, Pay Later."
Barbari added that there is a significant rise in customer interest, evident from the noticeable increase in user registrations on their platform, which aligns perfectly with a major shift in Dubai's rental market.
Furthermore, Alexander Shkolnik, CEO of "Macro Digital Tech," stated that the real estate technology sector is a vast field divided into different trends, such as semi-government real estate companies, property developers, and real estate agencies. He believes that Dubai excels globally in the real estate sector and that their technology can also enhance Dubai's position in other technological trends.
Ari Kesisoglu, head of "Property Finder," noted the fundamental role that technology plays in the real estate sector, particularly reliable data and information. They rely on integrating the latest technologies—such as machine learning and artificial intelligence—to offer detailed and accurate analytical insights and studies that were either previously unavailable or challenging to access or understand, while providing high levels of transparency across all aspects of the real estate market, thus creating long-term positive impacts.
Kesisoglu emphasized the importance of continuous innovation in an ever-evolving real estate market, as they experience significant fluctuations in demand with daily developments, which necessitates that technology keeps pace with this evolution to keep consumers informed about all new trends. This is why they always strive to study market trends to innovate and integrate tools that provide a deep understanding for both home seekers and real estate agents.
Hani Farraj, co-founder and commercial director of "Konex AI," highlighted that companies are leveraging advanced artificial intelligence technology (genetic algorithms) to revolutionize architectural design in the real estate sector. He added that these technological solutions enable architects and developers in the UAE to simplify their design processes, enhance project efficiency, and deliver innovative and sustainable architectural solutions.
Farraj confirmed that the adoption of advanced technology could dramatically transform Dubai's real estate sector regarding enhanced efficiency and speed, by using AI to generate detailed and regulation-compliant designs in seconds, alongside sustainable and innovative designs, increasing competitiveness and establishing higher quality standards. He noted that today, Dubai is a leader in technology adoption in the real estate sector and often outperforms many global cities, supported by numerous key factors such as smart city initiatives, government support, a focus on sustainability, and global appeal. Dubai’s adoption of technology attracts international investors and top talent, enhancing its global competitiveness.
In comparison with cities like New York, London, and Singapore, Dubai’s ambitious and comprehensive approach to technological integration distinguishes it as a leader in real estate innovation.
