Several industries have been radically transformed through the application of technology. At the same time, the real estate industry has been slower on the uptake, with several legacy incumbents and slow-moving processes.
The wheels are in motion, however, to drive innovation in the industry. While paper-to-digital is one of the easiest and most popular ways to adopt technology, companies are also looking at more transformative technologies, such as the applications of AI in real estate.
AI IN REAL ESTATE: TRENDING APPLICATIONS
With growing interest in everything smart – contracts, buildings, and even cities – the role of AI in real estate has become increasingly fundamental to future prospects of the real estate industry.
Smart cities are a rising trend within AI in real estate. Last year, the UAE’s Al Ain City Municipality signed an MoU with AI company Saal to build AI and data-based smart city solutions. Under the MoU, the municipality will look to smart AI solutions built by Saal to drive smart transformation and improve Al Ain’s quality of life.
This year, another collaboration between Al Habtoor Group and Aljoodi Technologies would see the installation of BrainBox AI Technology in one of former’s commercial buildings. BrainBox AI Technology is meant to enable the autonomous operation of HVAC systems in real time. This could reduce energy costs by 25%, and carbon footprint by 20-40%.
Elsewhere in the UAE, the Dubai Land Department announced late last year that it would be integrating AI in the valuation process for real estate units. The service is available on Dubai Land Department’s smart app Dubai Rest.
AI in real estate has also made inroads in the space of architecture. Here, AI is used for big data analytics capabilities, for initial conceptual designs and iterations. It allows architects to be more flexible with early experiments, and trial run a range of design outcomes within minutes.
Experts also see a possible application of AI in real estate underwriting. AI can help to automate the underwriting process, source deals and acquisitions, and identify refinancing opportunities.
The use of AI in real estate also has larger implications in terms of urban planning, asset management and investment decision making, according to Deloitte. Especially with data capabilities, AI applications will enable the analysis of historical data to improve future decisions. The more AI systems are put to use, the more they learn, and the smarter they get over time.
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