Monday 6 April 2020

AI technology making real impact on real estate, says expert

DUBAI, February 23, 2020

With the introduction of artificial intelligence (AI) and virtual reality (VR), technology in the real estate sector has made a real impact not only in terms of construction, but also in the property buying process, according to Dubai-based Lootah Real Estate Development.

Regarded as one of the pioneer entities in the real estate sector, Lootah said Dubai was on the roadmap of smart transformation.

The concept of VR is especially gaining more attention as it helps buyers experience and make a purchase  without even physically visiting the property, stated Lootah, while highlighting top emerging trends that have become prominent in the real estate industry of the UAE.

According to the World Competitiveness Center of the International Institute for Management Development (IMD) index issued in October 2019, Dubai topped the Mena region in the “Smart Cities Index 2019”, ahead of major cities such as Paris, Rome, Brussels, Tokyo, and Beijing.

The gross domestic product (GDP) contribution of real estate surged 13.6 per cent in 2018 compared to 6.9 per cent in 2017, with a value of Dh398 billion ($108 billion) and Dh390 billion ($106), respectively, and with a growth rate of 1.9 per cent in 2018, stated Lootah, citing the Dubai Land Department’s Annual Report on Real Estate Sector Performance 2019.

Given the way the sectors perform, Lootah emphasises on emerging trends that need to be observed–technological transformation (with the introduction of artificial intelligence AI and virtual reality), community lifestyle, and influx of e-commerce.

The company has mastered the art of capitalising on the needs of the market, launching projects that keep up with this rapidly changing sector.

CEO Saleh Abdullah Lootah said: "We believe that knowing how to be distinct among the rest is the key to succeed in real estate. And addressing these trends is vital for the industry because it allows us to look beyond the current scenarios."

"They also help in creating a sustainable development, as well as in supporting the UAE’s 2020 strategy towards the next 50 years—which prepares sectors across the country to the post-oil era and builds a knowledge-based economy that centers on innovation, science, and modern technologies," he added.

Lootah said: "As technology keeps developing, it changes the way we do business too. Our group has been very active in raising the competencies by adapting AI and other technologies in creating smart cities."

"We have been actively involved in improving our IT infrastructure, and it is evident in our newly launched CRM platform and ERP systems. We want to make sure we are within the reach of our customers,” he added.-TradeArabia News Service


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