The Middle East Proptech Innovation Summit Unveils Innovation

The forum shed light on the rapidly transforming Real Estate Sector, within the Middle East

It’s astonishing to fathom the manner in which technology has revolutionized the economy in  today’s day and age; from the administrative level all the way up to the executive level, several  processes and transactions within corporations are now digitalized. The process of buying and  selling property, and property management in general, is more efficient now than it ever was.  The days of sifting through articles, and flying through brokers to find a house that fits your  needs are no longer here. Now – in addition to using tools like AI, AR, and VR – optimization  and innovation take place at an astronomical level, giving rise to major improvements in a more  quantifiable and controlled way.

With that being said, Verve Management commenced their Middle East Proptech Innovation  Summit - at the Waldorf Astoria Dubai Palm Jumeirah, UAE – to shed light on  the rapidly transforming Real Estate Sector, within the Middle East. Over two days, over 150  experts from the UAE, Oman, Saudi Arabia, and Qatar collaborated on one platform to initiate  the discussion surrounding this field, delving into the manner in which the recent pandemic has  further accelerated the advancement in prop-tech innovation within the region.

Through the course of the Real Estate in the Metaverse fireside chat, Managing Director at eXp  Realty Dubai, Dounia Fadi, highlighted a key component in the real estate technological  revolution – dependence. Fahad Deskmukh, Group Head of Process & IT at Sobha Realty – discussed harnessing the Metaverse’s potential as a vital investment, which can, in turn, put  certain drawbacks into play like lack of personalization, and possible discoordination. “When  you’re talking about changing technology, there’s always the idea of remaining dependent on  technology too”, said Dounia during the conversation. For instance, the substantial uprise in  mobile coverage within property management has attracted brokers and associates to  transactions day in and day out, compared to printed property listings. However, this can be  counter-argued too; “Buying property is an emotional process,” Dounia added, “people want to  see what they’re buying, and feel how it would make them feel.”. In short, technology is a tool,  but people always take priority.

“We have more to gain from technology and artificial intelligence than we do to lose from it,”  said Nikhil Choudhary – Partner at Nirman Ventures whilst delving into the latest cutting-edge  property technology, that grasps focus within the region. Through the course of his discussion,  Nikhil highlighted that the challenge with technology stems from the costs and disruptions  brought forward by the adoption of technologically-centered practices. However, in the age of  the digital revolution, difficulties tend to be overshadowed by the plethora of long-term  positives that digitalization tends to bring. Experts like Nikhil found it necessary to help break  down the barriers preventing property developers and managers from indulging in tech-

centricity. Digital transformation has continually been a driving force in revolutionizing the field  of real estate, and embracing this drive is integral to a flourishing industry.