In less than 8 weeks, Covid-19 has transformed every industry. The degree of changes vary but most surely, they are here to stay. Businesses that could adapt quickly and smoothly, have built a sustainable work model that is viable for the long-term, while unfortunately, players who were not able to rise to the challenge are witnessing a destructive struggle in order to stay afloat.
Real estate has been no different. The effect of the pandemic has been quite tangible on the property market when it initially started to sway, but with resourceful risk management and moreover, the pre-existing acceptance and efficient usage of technology, futuristic business models are very much in action. These are real estate players who made a swift and seamless move to function through digital offices, virtual agents, 360 3D virtual tours, and user-empowering mobile applications, which are now offering increased value to their clients.
But is it the best we can do?
What lies at the end of this storming sea?
Dubai in question has always been the driving force behind accepting the new and amalgamating it with the old. Back in May 2002, it pioneered the introduction of foreign investment in real estate and flung open the doors for a massive influx of global investors. This turned out to be a step towards transforming the market to the bold, diverse, and creative sector that it has become today, enjoying global appeal and a diverse footprint. The vision, leadership, and innovation made Dubai one of the premier property investment destinations globally. Synchronized real estate initiatives and seamless functioning of relevant entities led to over 150 nationalities embracing the market and investing in it.
In the current fast-changing world, where innovation has become more critical than it ever was, Dubai’s real estate market is in need of another restructuring. ‘The Fourth Industrial Revolution’ which was already buzzing for some time now, has been propelled into conversations on the post-Covid-19 world, invigorating the dialogue.
The current times demand change from every stakeholder of the global economy.
Is the Real estate market ready for its evolution?