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Dubai expects rapid development of the protech segment of the real estate market, experts say. New digital solutions will make it possible to manage real estate investments more efficiently and open previously inaccessible opportunities for buyers and investors.
By June 2023, Dubai has become home to 55% of all pro tech startups in the Middle East and North Africa; this is more than a hundred projects. Nevertheless, segment representatives are confident that there is plenty of room for new startups in Dubai thanks to the rapidly growing real estate market and the government's plans to increase the population of the emirate to 5.8 million people by 2040.
Protech projects have a huge potential, experts say. For example, in the USA and Canada there are applications that allow you to track in real time which apartments are being sold in local houses while walking along the street. There are no such electronic services in Dubai yet. Their development can become a promising direction for local IT companies.
Another example is electronic services for short-term rental of real estate, which significantly speed up and simplify the process. One of these projects was the Silkhaus service, which originated in Dubai, which can take on the responsibilities of finding tenants, adjusting prices, managing income and covering the owner's expenses.
Protech (Property Technology) is an innovative digital solution for commercial or residential real estate. In a broad sense, protech solutions help through digital technologies to buy, sell, or rent housing faster and more profitable.
Another area of Protech projects relates to real estate management. This includes smart home applications, and electronic distribution of income and expenses from owned real estate. It is expected that by 2032 the total market volume of protech projects in the world will amount to $86.5 billion.
