Proptech UAE: What to Expect in 2022?

Tech innovation has been an ongoing phenomenon, but the recent pandemic has accelerated it immensely. As we have learned to rely more on technology than physical presence and contact, the property industry has become even more reliant on digital mediums for information, acquisitions and transactions.

UAE has always been welcoming to new technology and trends, which is evident by the Digital Dubai Initiative, aimed at eliminating paperwork from government processes. In December 2021, Sheikh Hamdan Bin Mohammed, Dubai’s Crown Prince, declared it to be the world’s first paperless government.

“Today marks the beginning of a new stage in Dubai’s journey to digitize life in all its aspects – a journey rooted in innovation, creativity, and a focus on the future,” he was quoted saying. It is important to note that the initiative was taken in 2018, which shows that Dubai, and all other Emirates within UAE, were keen on increased use of technology in every sector.

Property Market in UAE

One of the most vibrant countries in the world, the UAE has an attractive real estate industry. With expats pouring in from all over the world, participating in its ever-growing trade and tourism industry, the investors have seen great potential here.

In terms of proptech, UAE has seen the rise of property portals like Property Finder, Bayut and Houza, with all of them welcomed by property buyers and sellers alike. So online property dealings and transactions are nothing new for UAE.

The last two years and the impact of the pandemic brought us two things, a greater preference for digital mediums and a delayed Dubai Expo, which was supposed to propel the UAE real estate market to greater heights. Despite that, the market has shown positive signs and numbers.

As per a report by Knight Frank, Dubai has seen record sales in 2021 for homes valuing over US$10m, while the Abu Dhabi residential villas have also seen an increase in prices. With the Dubai Expo now held successfully, we can expect an even better year for the property sector in the country, with easier investment options through proptech applications.

What Proptech has to offer?

Proptech helps in the following aspects:

• Access to a greater variety of choices

• Detailed information on the fingertips

• Quicker and safer transactions

As technology gets better, we can expect to have even more choices, greater insights and safer transactions. Though there will be a lot of improvements and advancements in proptech, some aspects will be leading the way and make headlines in the year to come.

Proptech Trends for 2022

Data Validation

In the property market, the decisions involve money, so inaccurate information can be very damaging. One example of a counter step is TruCheck, introduced by Bayut, which validates and verifies property listings. With the property market becoming more tech-influenced, many other similar steps can be expected by leading property companies in 2022 as well.

Blockchain and Cryptocurrency

Ahmad Belhoul Al Falasi, the state minister for entrepreneurship and SMEs, is currently having negotiations with multiple blockchain and cryptocurrency firms. “Cryptocurrency is here to stay,” he said in an interview with Bloomberg TV, summing up UAE’s official stance on the adoption of blockchain technology. So with some regulations, we will see greater usage of blockchain technology in making the property industry more efficient and secure, along with an increase in acceptance of cryptocurrency.

Virtual Property Tours

The last two years have familiarized us all with online meetings and virtual presentations. The same has been adopted in the property industry, with virtual property tours now happening. Surely, you would like to visit a property physically before finalizing a deal, but these 3D virtual visits can help in screening the options. In the coming year, this is one application we expect to be used even more in the year 2022.

Predictions for 2022 Property Market

As mentioned earlier, the year 2021 has been a great one for the property market. There is no reason for it to slow down, with the effects of the pandemic lessened and a successful Dubai Expo, the whole region will be the center of attention of property investors worldwide. Though with the upcoming innovations and applications, we can expect proptech to be at the helm and making things even better.