Considering Dubai’s ambitious population target of 7.8 million, can proptech solutions accelerate real estate efficiency in 2024?
The rise of Proptech in Dubai’s dynamic real estate market
Proptech, which is where technology meets real estate, is a range of tools that are being used in the current real estate industry to enhance the way people and businesses purchase, rent, and manage properties. According to a report by Future Market Insights, the global proptech market size is expected to reach up to $47,842 million by 2032 from the $19,608 million market value recorded in 2023.
From AI-operated virtual visits that make listings more interactive to data-oriented algorithms that match renters with their dream houses; the real estate scenario has completely changed because of proptech. Proptech is a central force that will change up things in Dubai’s real estate landscape.
Dubai’s real estate market has enormous potential for growth, especially with the Dubai government aiming to reach a population goal of 7.8 million by 2040, resulting in the need for more efficient processes and advanced technology.
Challenges in the real estate industry
However, even with these technical strides and advantages, the real estate sector still faces barriers while implementing proptech into their business operations effectively. The lack of the right technological solutions for businesses means that many of the tasks they undertake are still carried out manually. Some of these operational tasks include:
- Managing leads and inquiries effectively,
- Ensuring smooth offer and contract processes for clients and agents,
- Maintaining efficient day-to-day mall and facility operations,
- Tracking property financials and business revenue.
Furthermore, industry practices constantly change with new technologies and rules emerging. Thus, businesses need to adapt quickly in order to continue catering to their customers most efficiently.
“The Proptech market in Dubai will only grow rapidly with the growing population and property units. There is a significant potential and importance to introduce personalized services to enhance the property buying and renting experience. Thus, Intwo strives to be the ideal partner for real estate businesses with Microsoft Dynamics Property 365, which extends the functionality of Microsoft Dynamics 365 to help manage real estate operations.” Mr. Anilesh Kumar, MD – MEIA, EVP – Business Applications at Intwo.
Microsoft Dynamics Property 365: A one-stop solution for real estate businesses
This is where Microsoft Dynamics Property 365 comes in, an end-to-end solution that is the Middle East’s first property management vertical on Dynamics 365. Property 365 has over 100,000 units currently being leased, rented, sold, and maintained through the platform.
Property 365 addresses the previously mentioned challenges by offering a one-in-all platform for real estate agencies of all types and sizes. With Property 365, real estate businesses can:
- Streamline lead management,
- Automate offer and contract workflows,
- Improve mall and facility management,
- Gain robust cashflow tracking and insights.
Its integration with Microsoft Dynamics 365 ensures seamless data flow and enhanced collaboration between departments. Property 365 also offers integration with regulatory authorities (e.g. Ejari) for agreement attestation and synchronizing rentals with market indices.
Users also get access to many other functionalities like market insights, intelligent call routing, community management, organized property financials, and a dedicated post-sales team for efficient implementation.
The future of Dubai real estate: Proptech innovations and beyond
The conjunction between proptech innovations and strong offerings by Microsoft will redefine the real estate sector of Dubai in 2024 and beyond. From blockchain-based transactions, smart buildings, virtual reality walk-throughs, predictive analytics to AI for property management; all these show that the future will see Dubai emerging as a global technology-driven hub for real estate.
Proptech can change how this city looks like as it grows and provides an example to other markets worldwide. By integrating these technologies into your company’s systems, you can get ahead of this curve while gaining a significant competitive edge.
Intwo has over 25 years of experience with solutions and services on Microsoft Cloud, helping over 1000 customers in more than 40 different countries, proudly holding multiple Microsoft accreditations.
Intwo allows for seamless Dynamics 365 integration, bringing in solutions that can be tailored to your needs and domain experts at your service. Work with Intwo on Microsoft Dynamics 365 implementation in UAE, we can help you boost productivity now to rise above all odds. Talk to us today!
