For so many years, Dubai’s real estate experts have been discussing about property technology and the real estate market in the emirate is in the verge of shifting to the new trend. Alas, Covid-19 has pushed the sector to implement digitization to adapt to the current situation.
While there were some investments to develop proptech-based services, most players were focused on keeping up with the trend out of fear of missing out from the competition. In 2020, companies were still cautious about it, considering the impact on business costs, however, the necessity has prompted many to take a dive rather than miss opportunities.
These days, real estate companies have embraced various solutions to enable them to continue their operations amidst the pandemic. Videoconferencing, collaboration tools, and cloud technologies were among the popular ones used while some proptech tools have helped landlord-tenant engagement. As offices reopen, retail properties segment witnessed an increased demand for such technologies in 2020 and is predicted to continue in 2021.
While these solutions are not a game-changer for the proptech sector, the practical benefits of digitization cannot be undermined. The current adoption of digital technologies in the real estate sector is set to open new opportunities to explore the next level in digital transformation. However, a clearer and broader perspective of the value of the technology into the business remains the most important factor for future adoption.
Proptech will not remain to be an emerging trend and the digital revolution technologies will be part and parcel of real estate development.