Stakeholders face myriad challenges in real estate

PropTech solutions have introduced data analytics, AI-driven decision-making, and smart building technologies

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Somshankar Bandyopadhyay

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In recent years, the real estate industry has witnessed a significant transformation driven by PropTech (Property Technology) innovations and evolving policies and practices.
In recent years, the real estate industry has witnessed a significant transformation driven by PropTech (Property Technology) innovations and evolving policies and practices.

Published: Sun 24 Dec 2023, 9:02 PM

In the dynamic world of real estate, different stakeholders face a myriad of challenges, an expert says.

“Developers often grapple with regulatory hurdles, rising construction costs, and market fluctuations. Facility managers struggle with optimizing operational efficiency, maintenance costs, and sustainability demands. Community managers are tasked with nurturing a sense of belonging, resolving resident conflicts, and enhancing the overall quality of life within the properties they oversee. Homebuyers face issues related to affordability, transparency, and finding properties that align with their needs. Addressing these pain points through innovation, collaboration, and adaptive strategies is key to a thriving real estate ecosystem,” Jatin Deepchandani, CEO of Plan3Media Event Management, the organizer of the IRECMS and the World Realty Congress, told Khaleej Times.

In recent years, the real estate industry has witnessed a significant transformation driven by PropTech (Property Technology) innovations and evolving policies and practices. “PropTech solutions have introduced data analytics, AI-driven decision-making, and smart building technologies to streamline processes and enhance efficiency for developers, facility managers, and community managers. They have also improved transparency for homebuyers through digital platforms offering detailed property information,” Deepchandani said.

In the GCC, due to governmental policies and initiatives, the real estate industry presents a strong appetite for novel solutions. For example, hands-on involvement by regulators is shaping a zero-tolerance approach to dealing with structural problems and collapses. Going forward, with AI making inroads into every sub-industry and discipline, more practical solutions and use cases will emerge, along with more takers, Deepchandani added.

Jatin Deepchandani
Jatin Deepchandani

Since its inception, IRECMS has gradually and firmly positioned itself as a go-to platform for community management professionals. The World Realty Congress has successfully ignited a new discourse in the industry, driving consensus for meaningful technology adoption, openness to best practices, and initiatives to promote mental wellness and financial and soft skills.

Sustainability was understandably the main talking point due to the urgency of addressing climate change and staying on track to net-zero targets. Concurrently, the summit underscored the need for an integrated approach to sustainable transition — devising solutions that are harmonious, not at odds, with different moving parts in a real estate portfolio. For example, a sustainability solution aimed at reducing carbon footprint shouldn’t come at the expense of occupants’ experiences and amenities. Such holistic approaches are expected to become the norm as the industry leaps toward sustainability.

Based on the official figures released by the Dubai Land Department (DLD), the local real estate industry is witnessing steady demand, buoyed by multiple factors, including geopolitical shifts, overall macroeconomic stability, and forward-thinking policies. Leading global brands are venturing into Dubai with branded residences and luxury property developments, reflecting market competitiveness. “At the same time, the developer community is equally focused on affordable and mid-tier properties — a hallmark of a market underpinned by structural strengths rather than short-lived trends. In 2024, with many such projects reaching the handover stage and more set to be announced, there is so much to be hopeful for and optimistic about,” Deepchandani said.


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