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.