The future of Dubai’s real estate market is promising. According to experts’ forecast, in 2018 Dubai will maintain its position as a global city with the most business friendly environment for investors. As reported by TFG Asset Management team, Dubai is one of the world’s largest hospitality markets, and over the last two years its hotel room inventory has increased greatly. Besides that, in 2017 Dubai was once again ranked one of the cities that offer the highest quality of life.
We have dug out some more reasons why Dubai has a high potential real estate market and investment-friendly environment and what groundbreaking high tech solutions it has. Let’s take a look at them.
Dubai is set to become the main 3D printing centre of the world. By 2025 all new buildings in Dubai are expected to be at least 25% 3D printed. 3D printing technology allows to reduce construction costs and the amount of time taken to build houses. Besides that, the construction of 3D printed buildings is more environmentally friendly in comparison with other construction methods. According to statistics, the global 3D printing market is expected to reach US$12 billion by 2018 and approximately US$20 billion by 2020. So it is obvious that 3D printed houses will play a great role in Dubai’s real estate market and in property market in general.
Dubai Land Department (DLD) is going to use Blockchain technology in order to improve and secure the overall real estate transaction processes. DLD has announced its Blockchain project at the end of 2017, and in 2018 the initiative won the Ideas Arabian award in the technology category. It’s expected that by 2020 all real estate services will be united on a single platform, so it will be easier for investors to verify property data. Using Blockchain technology is a way to increase the confidence of global real estate investors. This technology is very likely to become the smartest and the safest in the real estate industry. Although the initiative is in its early stages, it has a great potential in quality and efficiency.
A new way of investing in Dubai’s real estate market is crowdfunding. Originally crowdfunding was used to fund creative projects or worthy causes. These days crowdfunding has become an alternative source of funding for real estate projects. On the internet, there are many real estate crowdfunding platforms, which enable a group of people to buy a property collectively and get income in the form of dividends. With crowdfunding, any individual can invest and own a piece of UAE property for as little as Dh5000 ($1360).
Another trend in Dubai’s real estate market is also related to Blockchain technology. Dubai is pioneering the use of cryptocurrency for buying and selling properties. Some real estate developers are ready to accept payments in virtual currency. On the one hand, Dubai’s real estate market professionals believe that bitcoin payments will make property sales cheaper and faster, but on the other hand, they worry about bitcoin’s price volatility. However, Dubai can create its own version of bitcoin and make the currency more stable.
The bottom line
No doubt, digital solutions are a high priority for the government and help transform Dubai into an amazing futuristic city. Dubai’srealestatemarketalsoundergoessignificant changes. More and more high tech technologies and eco-friendly materials are used for building, selling and buying new properties. The conduct of business is evolving and becoming more professional. The use of peer-to-peer technologies allows potential investors to feel much more confident in the future of their money.
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