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Disruptive technologies to impact GCC real estate sector; report.

A report released by Orient Planet Research has revealed that the retail estate market is beginning to embrace disruptive technologies to transformation processes.

The report, titled "Disrupting

Real Estate: The Impact of Technology and the Industry's Future",

highlighted despite the regions strong performance, the tools of the trade have

not evolved to keep up with technological innovations.

These include, drones, artificial

intelligence, the Internet of Things, virtual and augmented realities (AR), 3D printing,

and blockchain are processing are reshaping and reimagining the experience of

both real estate brokers and investors.

Nahla Nana, research and innovation director of Orient

Planet Research, said: "As older systems and traditional ways of doing

business become less inefficient amidst today's evolving markets, many real

estate companies are now combining their expertise with available modern

digital tools to get ahead of their competitors, increase their efficiency and

productivity, and most importantly, enhance the experience of their clients.

"Such a crucial

move is fundamental, especially for organisations who want to remain relevant

in a technology-centric, highly connected world. It is also in sync with the UAE and the rest

of the GCC region's significant digital and 'smart' transformation efforts. It

pays to be attuned with modern trends for regional organisations

to become globally competitive and maintain their edge."

The report pointed out that AR has gained popularity due to higher

user engagement through visual interaction, plus a 3D version of the property

can be viewed using AR, allowing users to view the property from different

angles. Drones are capable of capturing aerial views of properties but can also

gather data enabling firms to efficiently compute insurance and property prices

by identifying risk factors such as flooding, subsidence, or landslides.

"The rise of smart cities in the GCC is spurring all

these significant technological developments. While the region is fast catching

up with their use, much still needs to be done to maximise their potential. Aligned

with the region's vision for a technology-driven future and the sustainable smart

city agenda of many of its states, our research offers a novel concept for residential

and commercial real estate developers, among others, to use cutting-edge

technologies - some of which are not yet available in the region - to elevate

client experiences and improve customer satisfaction," Nana added.

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Date:Sep 5, 2016
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