AI and salaried employees are a force in UAE real estate

Developers in Dubai are looking at options to invest in artificial intelligence, and its potential cannot be ignored.

In July, Dubai recorded more than $1 billion worth of real estate transactions in just one day. With the industry requiring significant investment, the constant pressure to deliver fast results and the need to experiment with new business models cannot be neglected. This pressure can create a dangerous comfort zone that prevents real estate executives from thinking long-term and puts their ability to follow global innovation and best practices at risk.

While some organizations are willing to bet big on technology in order to stay at the forefront of innovation, others underestimate its importance compared to the unchanging fundamentals of real estate.

One example of the successful application of technology in real estate is the use of building information modeling (BIM), which allows users to see an accurate visualization of the final product before construction begins.

Developers in Abu Dhabi have also seen tangible benefits from implementing robotic process automation (RPA) to speed up tasks such as financial reporting, as well as implementing initiatives to collect and consolidate data on customer behavior to make decisions based on big data. Developers are investing in a wide range of real estate technologies, with a focus on using data to improve operations and customer experience. One focus is to improve efficiency in sustainability, sales, finance and asset management through technology.

Artificial intelligence also has potential from a service perspective - for example, the ability to predict whether a tenant is planning to leave a property and direct the leasing or customer service team to respond accordingly. However, the head of one of the UAE's largest developers notes that they first seek to understand how best to integrate artificial intelligence into an existing business before investing.

The key to successfully adapting technology is being able to assess its true value.

The technology available today presents an opportunity for developers in the UAE to become more efficient, diversify their offerings and, for early adopters, get ahead of the competition. The return won't be immediate, but confident bets made now could have major implications for the future.