The introduction of artificial intelligence (AI) and virtual reality (VR) technology in the real estate sector has made a real impact, not only in terms of construction, but also in the property buying process, the Dubai-based developer, Lootah Real Estate Development, has said.
In a statement, the developer’s CEO, Saleh Abdullah Lootah, said that Dubai is on the roadmap of smart transformation, with the concept of VR gaining more attention as it helps buyer’s experience and make a purchase without having to physically visit the property.
The developer also highlighted top emerging trends that have become more prominent in the UAE’s real estate industry.
According to the World Competitiveness Centre of the International Institute for Management Development (IMD) index issued in October 2019, Dubai topped the MENA region in the “Smart Cities Index 2019”, ahead of major cities such as Paris, Rome, Brussels, Tokyo, and Beijing, the statement said.
The gross domestic product (GDP) contribution of real estate surged 13.6% in 2018 compared to 6.9% in 2017, with a value of $108 billion and $106 billion, respectively, and with a growth rate of 1.9% in 2018, stated Lootah, citing the Dubai Land Department’s Annual Report on Real Estate Sector Performance 2019.
Given the way the sectors perform, Lootah emphasises on emerging trends that need to be observed–technological transformation (with the introduction of artificial intelligence AI and virtual reality), community lifestyle, and influx of e-commerce.
The company has mastered the art of capitalising on the needs of the market, launching projects that keep up with this rapidly changing sector, Saleh Abdullah Lootah said.
“We believe that knowing how to be distinct among the rest is the key to succeed in real estate. And addressing these trends is vital for the industry because it allows us to look beyond the current scenarios.
“They also help in creating a sustainable development, as well as in supporting the UAE’s 2020 strategy towards the next 50 years—which prepares sectors across the country to the post-oil era and builds a knowledge-based economy that centres on innovation, science, and modern technologies,” Lootah added.
Lootah said: “As technology keeps developing, it changes the way we do business too. Our group has been very active in raising the competencies by adapting AI and other technologies in creating smart cities.
“We have been actively involved in improving our IT infrastructure, and it is evident in our newly launched CRM platform and ERP systems. We want to make sure we are within the reach of our customers,” he concluded.
