AI and machine learning to have biggest impact on real estate, finds DAMAC survey
Dubai, UAE : Artificial Intelligence (AI) and Machine Learning technologies will have the biggest impact on the real estate sector, according to the annual real estate tech survey conducted by DAMAC. The survey was conducted within the DAMAC Group, with nearly 90% of respondents from the Information Technology department and the remaining from the business excellence, data & analytics and technology teams.
Nearly a quarter of the respondents marked AI and Machine Learning to be the primary impact maker among technologies, followed by the Internet of Things (20%), cybersecurity (20%) and virtual & augment reality (17%), respectively in order of importance.
Among technologies that homeowners look for when buying property, it was revealed that smart homes with IoT is the most in demand, with nearly 30% of respondents ranking it as the priority. This is followed by touchless access control, digital transaction services and virtual immersive experience, respectively.
In response to such demands, DAMAC has introduced the DAMAC Central app for centralising all communications, collaborations, decision making, self-services for management, all departments and all staff in the organisation. The DAMAC Living app was also launched for community-related services for residents and tenants — which seeks to make a number of services and processes easier and more seamless for homeowners — from settling payments, to uploading documents for property handover, making amenity bookings and getting special discounts on services, among others.
DAMAC Chief Information Officer Jayesh Maganlal said: “The big takeaway for this survey is that there will be major shift in the real estate market sooner than later - from the digitisation of the buying or selling process, to the shifting attitudes of what people need and don’t in terms of technology. While these shifts present great insights into how real estate will evolve, people will continue to need the support and guidance from the experts to help them navigate the journey towards homeownership. DAMAC has taken cognizance of these demands and has invested in the latest technological trends in order to elevate our customer and employee experience to the highest standards.”
Furthermore, the majority of respondents agreed that 3D virtual tours are the most valuable technology for agents and brokers when approaching potential buyers with a property. Digital transaction services closely follow suit, with augmented reality and smart search engine taking the respective rankings according to order of importance.
Utilising VR and AR technology, DAMAC had in early 2020 launched a unique concept called ‘A La Carte Villas’ at DAMAC Hills, which enables buyers to personalise multiple aspects of their homes, including villa type, layout, landscaping, interiors, and furnishings, among others using a cutting-edge configuration app.