It’s a known fact that Dubai is moving towards a goal of becoming a smart city; and in many ways, it already has With initiatives such as Smart Dubai and apps that can manage your finances with just a tap of a screen – there is no doubt the Dubai is well on its way to achieving all its goals. Another initiative that is contributing to the progress of Dubai’s goal to become a smart city is PropTech.
To help us understand more about what it is, we have Wissam Karmouchy, the Managing Director of Goldmark Real Estate, tell us the use of PropTech in real estate and how it will change the dynamics of the UAE property market. Let’s hear what Wissam has to say about the new real estate technology that making waves in the property industry. Also, don’t forget to check out his quick-fire responses to the fun rapid-fire segment at the end of the video.
the evolution of the UAE real estate market with proptech
Essentially, PropTech is an anacronym of the words ‘Property’ and ‘Technology’ and refers to the use of technology in real estate. How exactly? Well, it involves using technology such as virtual reality, online property listings, automated payments systems and more to digitise property related transactions. Wassam believes that PropTech is not limited to just digitizing property transactions – you can use technology for real estate marketing and much more! As not only can it create a seamless experience for all parties involved in the property industry, but it also changes the dynamic of the city by making property investment much more accessible to everyone.
When it comes to the UAE, Wassam says that there has already been a huge evolution in the real estate industry due to the new technology for properties. In 2006, potential investors and renters had to do a lot of manual work such as going through brochures and physically visit countless real estate agencies. Today, property technology has eliminated all that – there is no need not need to go through 30-40 pages of property magazines and newspapers or visit agencies. All users need to do now is go online and all the relevant information will become available at just a single click.
benefits of property technology
The real estate industry is constantly improving – there is always something new to explore which is contributing to its growth. Now, with the help of real estate technology, the UAE property market is more accessible to everyone. Finding the perfect property can be done through apps, search engines and property portals such as Bayut.com; resulting in both brokers and clients enjoying the benefits that come with it. Here are a few benefits of real estate technology, Wassam outlined:
Benefits for real estate brokers
- More time to focus on providing the best solution to the client
- Improved the quality of listings
- Provides efficiency when closing a deal with a potential client
Benefits for end users(customers/clients)
- All the information is available at a click of a button
- Reduces the need to physically visit real estate agencies
- A larger variety of properties to choose from
With all these benefits that come with technology in real estate, Wassam is a firm believer that it can bring in a new era in the UAE real estate industry.
will technology in real estate change the dynamics of the property industry?
Wassam says that PropTech is no longer just an idea, it is a reality. He personally believes that amongst all property technologies, virtual reality(VR) will be the key to unlocking the true potential of real estate technology. With VR, customers can experience what its like to be in the property by wearing the VR glasses, rather than just viewing a 3D model of it. They have tried and tested VR property viewing with a few clients and received great feedback.
With tried and tested results and the presence of all these different technologies for real estate, the dynamics have already shifted. Buyers and renters are now empowered, as they can make more educated decisions when it comes to properties. Agents and brokers are also enabled to utilise their time to provide exceptional customer service to their clients, rather than focusing only on the listing.
With all these benefits, the only challenge Wassam sees PropTech may face is the time users will take to understand and adapt to it. But as it goes for any new thing in the market – people will eventually adapt to the latest tech available. In conclusion, the concept of PropTech in real estate will definitely be a game changer for the UAE real estate market. The pace at which the city is growing will also contribute to the growth of property technology in Dubai and the other emirates.
About Wissam Karmouchy
Wissam Karmouchy is the Managing Director of Goldmark Real Estate. He hails from Syria and has over a decade of experience of working in the UAE. His determination, vast knowledge and approachable personality, led him on the path to be one of the most successful brokers in the UAE real estate industry. This real estate expert is best known for his extensive knowledge of Mudon, Dubai Hills Estate, Town Square and Arabian Ranches.
About gold mark real estate
Gold Mark Real Estate opened its doors in the in the UAE in 2015 and is one of the top agencies in the list of all the other real estate agencies in Dubai, They boast a large team of certified property consultants that are trained to show you the best available properties as per your requirements. Overall they have over 30 years of experience in both the UK and UAE real estate market and are known for offering the best, tailored real estate services to their clients, which range from sales to leasing of properties in Dubai.
What are your thoughts on PropTech in the UAE? Do you think it will be the future of the UAE real estate market? Let us know in the comment section below. Make sure you are subscribed to MyBayut, the best property blog, for more updates, events and insights from the UAE.