There has been tremendous innovation in the Middle East in recent years, particularly in the United Arab Emirates, which has produced numerous innovative inventions.
FREMONT, CA: The pandemic has pushed the global adoption of technology, showing new, more effective approaches to problems. During the height of the public health crisis, every step of the home-buying process, from the initial property tour to financing and finally signing on the dotted line, posed a risk because it has always involved touch and feel.
In recent years, the Middle East, notably the United Arab Emirates, has been a center of innovation in many spheres of life and commerce, with countless innovations originating from the UAE. Given the UAE's unparalleled real estate standards, it's only natural that its proptech industry is growing. Proptech is the management, handling, and monetization of real estate assets with technologies such as artificial intelligence (AI), automation, and others. Here are some of the most significant breakthroughs in proptech to watch in 2022.
Correct and precise information is essential for ensuring the safety and security of transactions. Due to the massive sums of money involved in the real estate industry, any erroneous information might have fatal results.
As the real estate industry becomes more computerized, experts anticipate that more market participants will take comparable measures to ensure data integrity. Additionally, customer-centricity will be a significant driver for the adoption of proptech. For instance, the government recently unveiled Dubai Re-Tech, an initiative that would leverage artificial intelligence and big data to assist stakeholders in adapting to large-scale market changes, enforcing strategic planning, and boosting investor confidence overall.
Adoption of blockchain technologies
The UAE government is committed to intelligent change in all its businesses, including real estate. Dubai intends to implement blockchain-based smart contracts completely. This will make the exchange of assets simpler and quicker, making transactions possible from anywhere on the earth. According to a report on how Blockchain is transforming the real estate industry, it would lead to streamlined contract management, the automation of every aspect of a lease or sale transaction, and faster payments.
Increasing investments in property technology firms
The UAE is widely recognized as a hub for proptech startups and finance. The government's increasing focus on digitalization is anticipated to facilitate the expansion of the proptech industry. In addition, during the next five years, the country intends to construct one thousand digital enterprises and instruct over one hundred thousand international developers.
This will likely increase proptech innovation in the country in 2022 and beyond. Other MENA nations are also experiencing a rise in 'proptech-friendly initiatives,' with private developers and investors seeking to generate cutting-edge tech solutions to differentiate their offerings from their rivals.