How technology is a “game changer” in the real estate sector
In recent years, the expansion of technological innovation in the sectors of real estate and residential construction has had major influence in how the sector transforms and operates.
Construction Week sat down with Jayesh Maganlal, CIO of DAMAC Properties to analyse the ways in which technology, particularly VR tours and vivid imagery, in real estate have become an invaluable resource.
It's hard to disagree that the real estate industry and technology have a close relationship, as the advancements resulted in significant developments of property sales and user-friendly company behavior.
DAMAC Properties strives to customise their customer's personal preferences and needs, forecasting what a home buyer wants, and facilitating the process of property buying.
Commenting on the close relationship technology has with the company Maganlal said: "Technology is a game changer which came to the world. It helps you imagine something that is not there, giving customers an experiential experience''
"Whether it is a fully 3D walk-through or high-resolution imagery, the tech plays a large part in terms of selling real estate that hasn't been developed yet'
Looking further into the company's tech-friendly inventions, in early 2020 DAMAC had launched a unique concept called 'Ala Carte Villas, enabling buyers to personalize multiple aspects of their homes.
Maganlal commented: "You will find a lot more millennials out in the in the market today, especially in the UAE, and they want to have a choice.”
"For example, how large or small the kitchen is, because sometimes a larger living area is more important.'
"People want options and technology will remain relevant when it comes to building the design of the building to provide the right service for the next generation:'
Tech is emerging and shaping the future of real estate, and DAMAC's awareness and innovative mind-set is a vital strategy to approach this ever-evolving real estate environment.