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Dec 27, 2024
Dubai's real estate market has been an excellent example of stability; with its innovation and economic growth, it has become an investor's favorite choice. Dubai attracted a large number of foreign investors to its real estate market and has made a total of AED 571.3 Billion (US$155.54 billion) in property purchasing transactions. The numbers are giving a great hint about how profitable it is to invest in Dubai's market. As the world transitioned towards Artificial Intelligence and other digital solutions, Dubai's real estate market became even more efficient in providing detailed data insights and informed services. This tech-driven transformation opened more doors to new opportunities for investors and consumers. Let's understand how artificial intelligence changed Dubai's real estate industry.
According to researchers, AI in the real estate market is expected to reach $1335 billion in Dubai by 2029. AI's ability to process large amounts of data and calculate complex equations in a fraction of a second helps to determine property valuation. It also makes quick and precise decisions based on consumer behavior and market trends. If we go by the numbers, then about 68% of the most well-known real estate developers use AI tools in Dubai to analyze customers and insights and calculate the ROI. Also, in a survey by the Dubai Land Department (DLD), it was shown that about 57% of real estate investors use AI.
With Dubai's real estate market constantly developing, AI is also improving. AI is being used for multiple purposes, like lease renewal, maintaining schedules, and collecting rents. AI is successfully capable of managing the top real estate properties; it is even being used in real estate platforms. It is said that using AI for property management has reduced the operational cost by 15-20%. AI is used widely in Dubai's real estate because of its operational efficiency.
The documentation process in the property trade can be very lengthy, and the chances of errors are high, which can slow down the process. AI, due to its intelligence and ability to process data quickly, helps find errors and inaccuracies in the documentation process. Dubai Land Department (DLD) is known to be strict with documents and demand proper, mistake-free information; here, AI helps detect fake documents and signatures.
With the power of artificial intelligence and the Internet of Things (IoT) at Dubai's core, its goal of becoming a smart city by 2030 seems almost done. This means that in order to make Dubai a global smart city leader, every device will need to be connected to the Internet to gather all the information, and AI will play a crucial role in doing so. AI is now handling Dubai's real estate sector. Also, the Dubai Electricity and Water Authority (DEWA) has installed AI-powered meters. These technological approaches attract global investors because of their high-end tech and sustainability.
Conclusion
The use of AI is transforming Dubai, it is going to replace the traditional roles and workforce. AI is creating an efficient and customer-oriented real estate industry and promises a more sustainable future.
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