The toll of the global pandemic on industry across the world has been significant. Thousands of businesses have ceased to trade and thousands more have had to drastically rethink their business models in order to survive the new landscape. In real estate, the pandemic has shed light on existing problems and created brand new issues. The solution to many of these has been found in proptech. New technologies have been established and existing technologies streamlined and improved to deliver real estate services that can meet evolving consumer demand.
Ryan Mahoney, Dubai property CEO maintains a keen eye on new proptech developments across all areas of both commercial and residential property sales, both in the UAE and around the world.
You can see some of the hottest proptech startups in 2022 listed in the infographic attachment to this post.
Virtual Viewings
Lockdowns and social distancing regulations throughout 2020 and 2021 resulted in a demand for technology to facilitate virtual property viewings online. As we enter 2022, many buyers continue to enjoy the convenience of being able to utilize this technology to view potential purchases from the comfort of their current homes. While most consumers will also want in-person showings once they are permitted once more, there is no denying the convenience and efficiency virtual viewings bring to the purchasing process. It seems highly likely that most real estate agents will continue to offer these as part of the package even once the pandemic is fully under control.
Sustainability
Demand for sustainable properties was on the rise long before the pandemic and increasingly green-conscious consumers are liable to be interested in properties that can demonstrate low emissions and energy-saving facilities. Proptech is increasingly being used by construction companies to develop properties that meet these standards, both commercially and for residential buildings.
You can view the attached PDF, which explores the types of properties that help define a building as green.
Work From Home
Remote working was a necessity at the height of the pandemic in many areas. As restrictions begin to relax, employees are demanding more flexibility and employers are allowing continued work from home. This results in people desiring more space in their home environments. Proptech platforms have been developed to facilitate the leasing of space within commercial and residential buildings for storage, which helps accommodate the many families looking to increase their floorspace in their primary residence to allow for home office space.
You can watch the embedded short video to see some of the key types of proptech being implemented to attract Generation-Z – the latest generation of renters.