The real estate market across the world and in the Gulf Cooperation Council (GCC) has started to embrace disruptive technologies that are transforming the way they run their processes, according to a new report.
Entitled “Disrupting Real Estate: The Impact of Technology and the Industry’s Future”, said that despite the GCC region’s strong performance in the real estate sector, it hasn’t fully embraced new technological innovations.
Tools from drones, artificial intelligence (AI), the Internet of Things (IoT), virtual and augmented reality (VR, AR), 3D printing, and blockchain can be used to disrupt and transform processes for both real estate brokers and investors.
Nahla Nana, research and innovation director of Orient Planet Research, commented on the findings, saying that 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.”
The report also highlighted the increasingly growing popularity of augmented reality (AR) as it results in higher user engagement through visual interaction.
Moreover, 3D printings of projects can be viewed via AR, allowing the users to view the property from different angles.
On the other hand, drones can capture aerial views of projects as well as gather data allowing real estate companies to efficiently calculate insurance and property prices by identifying and analysing risk factors such as landslides and flooding.
“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.