Dubai, United Arab Emirates, 18th November 2020: Devmark Group, the recently expanded UAE-based multi-disciplinary real estate organisation, has highlighted the importance of embracing new technology in the real estate industry as a critical element for survival in 2021.
During the panel discussion ‘Why developers need to adapt to technology to stay relevant in 2021’ panellists Sean McCauley, CEO of Devmark Group, Richard Aybar, CEO of ThinkLab, and David Agha, Head of Technology for eiight, the integrated property software solution, outlined how technology is changing the real estate landscape and why it is imperative for developers to adapt now to survive in 2021.
“It is imperative for developers to engage in digital transformation and utilise the myriad of tools available to engage with their potential clients. Early adopters have been quick to steal a march on those slow to adapt and have set an excellent platform to build on in 2021,” said McCauley.
The role of technology in the real estate industry’s recovery in 2021, the importance of adopting new technology strategies, why the industry has been slow to adapt and the technology trends impacting the real estate industry, were also discussed.
Highlighting the positive impact technology is having on the real estate industry, Richard Aybar said: “Real estate companies that have incorporated virtual imagery, 360-degree virtual tours, virtual reality, and immersive projects apps, have reported overwhelming customer interest and success. These are just some of the tools forward-thinking developers are utilising to engage with investors, albeit in a non-conventional form.”
The panel attributed the sluggish adoption of technology to lack of drivers for change and the historical buoyancy of the UAE real estate market, which has previously witnessed massive demand for off-plan properties.