In the dynamic landscape of Qatari real estate, a new force is emerging, one that will redefine the future of property development. The term on everyone's lips is "Proptech." This fusion of property and technology is enhancing the real estate market in Qatar. Its potential to reshape the sector is nothing short of remarkable.
CURRENT PROPTECH IN QATAR
Proptech, short for property technology, is already enhancing Qatar's real estate market. This transformative wave of innovation is changing the way real estate functions in the country. From streamlining property transactions to building smart, sustainable cities, Proptech is already proving its worth in the Qatari real estate landscape. Qatar’s existing PropTech applications are having a major impact now.
Sak Digital Platform
The success of the Sak digital platform in Qatar, highlighted by the Gulf Times, is streamlining the real estate transaction process. The platform has helped provide authorised and accurate online registrations. As a result, more investors have entered into Qatar’s real estate market. This is due to the system’s effectiveness, allowing one person to do the tasks of many people. To put this into perspective, Sak can process transactions in 30 minutes or less.
Lusail City’s smart city proptech endeavors
Known as the “City of Future” in Qatar, Invest Qatar and Ernst & Young report that Lusail City has US$45 Bn of smart infrastructure. Lusail City is full of sustainable and energy-saving methods. The innovative smart city features a high-tech fibre-optic network, citywide Wi-Fi, smart grids, and integrated traffic control systems. Innovative Building Management Systems (BMS) also help automate many key technology systems, making life easier for over 200,000 residents.
Msheireb Downtown Doha
Covering 31,000 square metres, Msheireb Downtown is a $5.5 billion mixed-use district that, as emphasized by Invest Qatar, is the world’s first downtown regeneration project. The project is a prime example of Qatar’s green building practices, with solar panels, shaded streets, and LEED-certified buildings.
Integrated ICT systems
As Barwa Real Estate Group mentions on their website, they signed an agreement with Huawei back in 2021 to integrate advanced ICT systems into their projects. This includes the implementation of smart lighting systems with solar panels that provide electricity, along with 5G technology, data transmission devices, and data centre systems.
Ooredoo Qatar’s partnership with Siemens and Microsoft
Last year, the ICT provider Ooredoo Qatar, partnered with Siemens and Microsoft to enhance the proptech infrastructure in Qatar and make Qatar ‘smarter’. This partnership is empowering Qatar’s key sectors with the latest smart city technology. This includes the use of IoT, a digital twin, AI, and blockchain to enhance services, boost sustainability, improve operations, enhance infrastructure, and grow the economy. More concrete aspects focus on implementing smart meter analytics, and smart street lighting. It also focuses on electric vehicle charging, Cloud Management platforms, and enhancing buildings, hospitals, offices, and campuses.
Many more current Proptech innovations in Qatar
- In February 2023, The Peninsular Qatar mentioned the emergence of a partnership between Vodafone Qatar and Ariane Real Estate. It’s expressed how the partnership will help craft digitally connected and innovative real estate projects and services that advance sustainable living.
- Late last year, PRYPTO introduced its real estate platform in the MENA region, bringing investors, buyers, brokers, agents, and homeowners together within one platform. The platform simplifies the property ownership process and offers individualized advice.
FUTURE PROPTECH POSSIBILITIES IN QATAR
Proptech has already had a major impact on Qatar’s real estate market, but there is still a huge range of opportunities ahead of us. So, it’s important that we look into these opportunities and how they can help enhance Qatari real estate.
PropTech within real estate digital marketing
JP Morgan gives a thorough insight into how proptech is changing real estate in its recent report titled: ‘JPMorgan’s 2023 Business Leaders Outlook: Commercial Real Estate’. From a real estate digital marketing perspective, JPMorgan emphasises the importance of virtual tours and 3D renderings, user-friendly online platforms, predictive analytics tools, and AI-powered chatbots. These all improve and enhance the customer experience for real estate companies.
Smart building systems
Smart building systems use proptech to track, control, and optimise the systems within a building. Thus, these systems can automate decisions by collecting and analysing data and making informed real-time decisions. This occurs through the use of automation systems, sensors, and Internet of Things devices. So smart building systems, according to JPMorgan can benefit real estate occupants, owners, and operators by:
- Accelerating decarbonisation by using automated energy management systems to adjust heating, cooling, and lighting.
- Enhancing comfort through monitoring indoor humidity levels, air quality, and temperature and regulating them as needed.
- Boosting connectivity with interoperable building systems and devices that enhance operational efficiencies.
- Tightening security via AI-powered video surveillance, remote monitoring, cloud-based access control, and mobile credentials.
- Improving operational efficiency through automated tasks increasing output, streamlining processes that save money by reducing error and fraud risk, and using a centralised data source for informed decision making.
So, smart building systems are key to an energy-saving and operational efficient future, signalling what is likely to become a major part of future Qatari real estate developments.
Additional proptech applications that have a strong future in Qatar
Many extra PropTech solutions will further enhance Qatar’s real estate market in the future. As an example, the use of NFTs (Non-Fungible Tokens) and blockchain technology, according to reporting by Forbes on its website, offers transparent proof of ownership which can aid the viewing of past property transactions. This technology can also automate both simple and complex records surrounding property. When combined with the likes of metaverse technology this can create a immersive real estate experience that we are already seeing take shape in Dubai in particular. So with the likes of the existing Sak digital platform, Qatar could look towards NFTs, blockchains, and metaverse technology to expand upon its efficient and streamlined real estate processes.
3D printing and additive manufacturing is another PropTech innovation that Qatar can leverage. This technology is already providing the MENA region’s architects and designers with enhanced creative flexibility and a safer working environment. So it can open lots of new avenues for the Kingdom’s real estate construction processes.
PropTech’s continued role in Qatar’s sustainable development
The application of proptech will have a strong impact on sustainable development in Qatar too. According to PwC, and Saakin Inc, the fastest-growing real estate directory in Qatar, the vision for a sustainable future as a core component of Qatar’s Vision 2030 offers a strong asset for Qatar’s real estate market, accelerating PropTech innovation and adoption within the sector. So, a strong opportunity for Proptech in Qatar lies in the adoption of sustainable development, reducing energy consumption and aiding operational efficiencies.
While proptech innovation extends far beyond sustainability, fast companies outline the positive impact of property technology on the environment. They express how proptech can support sustainability through key initiatives. These include clean energy systems and production, and smart leak sensors that reduce water wastage. So, although most of the talk around proptech in Qatar centres around automation, connectedness, and smart management systems, it goes without saying that sustainable development must continue to play a part in the kingdom’s continued PropTech adoption.
A STRONG FUTURE FOR PROPTECH IN QATAR
Proptech is not a buzzword but the key to Qatar's real estate evolution. With digital marketing, smart building systems, and sustainable solutions, it is already revolutionising the sector. These implications complement Qatar's Vision 2030 and sustainable efforts. Yet we can expect further innovation in the future. The adoption of Proptech in Qatar has only begun, with the prospects of achieving the Kingdom's Vision 2030 goals and beyond. So, Qatar's real estate sector is on an exciting trajectory towards innovation, efficiency, and sustainability as proptech continues flourishing. A bright future awaits.