Dubai is one of the most progressive cities in the world, famous for its innovative technologies and projects. It is not surprising that it is here that the most daring ideas and solutions that change people’s lives for the better are realised.
New technologies play a key role in Dubai’s development, influencing all areas of life, including the property market. The latest technological advances implemented in the sphere of property attract foreign investors to purchase property in Dubai.
In this article, we will look at how new technologies influence the sector of real estate in Dubai and why you should buy property now.
One of the prime examples of the impact of technology on the property market is unmanned transport. Dubai was the first city in the world to introduce unmanned taxis. The Dubai Autonomous Vehicles Initiative (DAVI) project launched unmanned taxis in 2018, significantly reducing journey times and improving the city’s transport infrastructure. This has attracted more investment in property and made it more attractive to buy.
Considering the car topic, there are innovations in parking. Finding a car park is a pressing problem for residents of megacities. In Dubai, it is aggravated by a poorly developed public transport system: the metro has only two branches, and buses do not keep to schedule.
It was decided to relieve the roads of Dubai with the help of artificial intelligence. According to plans, an application will appear next year that will analyse an extensive database and predict the hourly occupancy of car parks in the city.
Another important technology affecting Dubai’s property market is the development of renewable energy. Alternative energy sources, such as sun and wind, are being actively developed in the city projects to reduce dependence on traditional energy sources and eliminate pollution. As a result, property in such areas becomes more attractive and promising for investment.
Various projects have been implemented in Dubai to reduce dependence on traditional energy sources. For example, there are innovative projects such as Dubai Solar, which includes rooftop solar panels and solar parks to increase the share of solar energy utilisation in the city’s energy mix.
Dubai developers have to stick to a certain pack of rules:
- Energy saving or usage of alternative energy sources.
- Water saving or usage of special rainwater and wastewater collection and treatment systems.
- The buildings are built using environmentally friendly and sustainable materials, which helps to reduce waste and pollution.
- Green areas, parks and greenery on roofs and facades of buildings are obligatory in the complexes under construction.
- The indoor environment in buildings is monitored to ensure the quality of the air that residents and employees breathe.
IoT has introduced drastic changes to Dubai’s property market. Through the use of IoT, the city can monitor and manage various facilities and infrastructures such as lighting, water supply and even the climate in buildings. This allows for a better quality of life and more comfortable living conditions.
The developers also implement virtual tours. Many properties in Dubai offer 360° 3D virtual tours, allowing buyers to explore the property and surrounding area from the comfort of their own homes. The technology also helps potential clients from overseas who wish to view a property but are unable to attend in person.
With the launch of the region’s first 5G network in 2020, Dubai has become an even more technologically advanced city. Thanks to 5G, data transfer speeds have multiplied, which opens up new opportunities for the development of various industries, including real estate. For example, the use of 5G could lead to the emergence of new technologies such as virtual and augmented reality, which in turn could change the property market, making it more interactive and interesting for buyers.
Blockchain is a decentralised and distributed database that stores a chain of blocks with transaction information. In the context of real estate, blockchain can bring the following benefits:
- Transparency. Blockchain provides trust and security as a decentralised technology. Decentralised exchange has trust built into the system.
- Security. All parties can see the status of the transaction at all times, so there is no room for error or fraud.
- Efficiency. Blockchain transactions are completed in minutes, whereas traditional property transactions can take weeks or even months to complete.
- Accessibility. The decentralised nature of blockchain allows participants in the network to access transaction data at any time from anywhere in the world. This can be particularly useful for international property transactions.
- Documentation management. Blockchain can serve as a repository for real estate-related documentation such as contracts, certificates, and other important documents. This can reduce the risks of important documents being lost or tampered with.
It is clear that blockchain technology has a lot of potential for the real estate sector. Blockchain-driven systems could streamline the entire real estate transaction process from beginning to end. They can make it easier for buyers and sellers to locate each other, as well as a safe, transparent platform for all parties to track the entire transaction process.
In general, the use of innovative technologies in transactions can improve the efficiency and security of processes, make them more transparent and reliable, and help increase the trust of market participants.
In summary, new technologies have introduced significant changes to the development of Dubai’s property market and made it even more attractive for investment. Unmanned transport, renewable energy, internet of things and 5G development are all contributing to a more comfortable and modern living and business environment.
In Dubai, building is currently at an all-time high. By 2040, the government intends to develop nearly every accessible piece of land. Almost every day, new items come into view. In addition, you have the opportunity to acquire 100% ownership of off-plan property while it is still under development.