UAE Proptech Market is anticipated to register a high CAGR in the forecast period of 2024-2028. PropTech is a term used to describe property technology that is based on emerging information technologies to help consumers and businesses conduct real estate research, acquire, sell, and manage their properties. PropTech employs digital innovation to satisfy the expectations of the real estate business with IoT Security. Buyers, brokers, lenders, and landlords are just a handful of the numerous participants in the real estate sector that PropTech technology aims to connect and update. The UAE is the first country in the middle east to abandon the oil-based economic development paradigm in favour of tourism, retail, construction, real estate, and high-value-added sectors such as aviation, space, environment, and technology. Recognizing that entrepreneurship, creativity, and innovation will play an essential part in the government's quest to increase economic diversity, the government arranges hundreds of programms, acceleration, and incubation centers to attract top talents and enterprises on a worldwide scale. (DIFC, Dubai Future Foundation, District 2020) Dubai and Abu Dhabi, which have the most sophisticated entrepreneurial ecosystems, are also home to many VCs (Venture Capital), family offices, and private equity companies. Proptech technology includes software for virtual reality that allows website visitors to visually tour residences, software for reporting problems, software for distributing rent payments, and software for crowdsourcing new real estate developments. Technology is a new sector, and the convergence of technologies, cloud computing, and digital transformation are driving the PropTech business dramatically. PropTech technology is being introduced to increase efficiency, personalise property management, and minimize the cost and resources involved in real estate transactions, which will most likely assist the UAE Proptech sector.

Increasing Reliance on a wide range of cutting-edge technology-based real estate solutions and services

Advances in IoT and related use cases in data collection and analysis have provided a significant boost to data-driven decision making. Any industrial, commercial, or residential setting may be automated so that data on water and energy usage, movement and occupancy, and machine health and productivity can be gathered and analyzed. The residential sector of the Proptech industry has grown significantly. Decision-makers who want to boost productivity, ensure health and well-being of workers, and have a positive impact on the environment can benefit from this information.

The construction and real estate sectors in the UAE are fragmented, with many enterprises relying on informal ties. This industry has the potential to be automated by start-ups. To address the slow acceptance of digitization, a variety of measures may be employed. One of these is to provide short-term subscriptions as a starting point rather than an entire purchase. Another example is offering trials and pilots to illustrate how a product or service works. Because of its rapid growth, the Proptech solutions and services are in great demand in the UAE.