Another reinvention - is what Dubai Real Estate Market needs?

 

The world is changing. Industries emerging, adapting, and vanquishing the challenges the recent turn of events have posed. The advent of technological advancements has however not been a recent development but surely its implementation has indeed become a survival tactic for most sectors across a world that is awaiting its new dawn once again in a long time.

Dubai, the city of the future, a moniker which has been long-earned by its futuristic vision, flawless execution of strategy, and relentless pursuit of excellence for realizing the envisaged, is a great example to the world. One of the prime quality of the city is that it is constantly progressing, reinventing itself while conserving its intrinsic charms and characteristics.

Dubai’s real estate market, like any other sector in the region, has seen quite the stardom brought about through pioneering govt initiatives, ground-breaking pathways etched through seamless synchronization of the govt and corporate machinery combined with optimal transparency and support from the authorities. The vision, leadership, and innovation have made Dubai one of the premier property investment destinations globally.

Now again, Dubai’s real estate market stands at the periphery of huge undiscovered potential. The current unique structure of the market beckons innovative restructuring. The uniqueness of Dubai’s real estate market lies in its cohesive synchronization between the various sectors of the economy, the government, and the investment community across the public and private sectors. This presents itself as an exceptional opportunity that can help Dubai achieve what its counterparts might struggle with, as they lack the same collaborative composition. This rarity coupled with the changes rushed on by Covid-19 led implications have catapulted the emirate’s rise into becoming the exemplary digital economy of the post-Covid-19 world, in a manner never-seen-before. Although in all fairness, the market has shown slower progress in the present times. But when compared to other real estate markets of the world, it is far from being dreary.

Security Tokenization is one such measure that would help Dubai’s real estate market recover its unstoppable appeal and regain its glamour. The real estate market has proved to be resilient and delivers stability and value. Although it is future-proofed, it has always been restricted to high-ticket investments and is illiquid, complicated, and opaque. Tokenisation will resolve these problems and will introduce real estate investments into the digital economy. We should remember that innovation is in Dubai’s DNA. The emirate was a prime mover in embracing a digital economy and laying out the infrastructure across both the private sector and government services and carried out a very successful and seamless transformation.

In its paper on ‘Tokenisation – The Future of Real Estate investment?’ published in January 2020 by The Saïd Business School, University of Oxford, Andrew Baum concludes that tokenization offers exciting possibilities for the real estate investment market. It is, however, at an early stage of its development, and real estate applications will take time to develop and become accepted. But Dubai is much far along in the journey and at the brim of making another triumphant evolution.





 



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