In the Middle East, the digital age is reshaping the way the real estate sector operates; here are a few examples.

1. TECHNOLOGY AND REAL ESTATE IN THE MIDDLE EAST
DR. EHSAN BAYAT

2. TECHNOLOGY AND REAL ESTATE IN THE MIDDLE EAST
 In the digital age, technology has influenced every field of enterprise imaginable, including real estate. Some
analysts observe that the real estate industry, specifically the commercial side, has lagged behind other
sectors in its adoption of digital tools, but although the pace may be slow in certain parts of the world, the
transition is underway.
 The gradual pace is perhaps due in part to uncertainty regarding the impact of digital tools on the industry’s
future. While some believe introducing new technologies will have negative effects on the real estate
profession, others are optimistic about the potential benefits, especially in the long run.
 The tech industry sees the commercial real estate industry as a significant opportunity, given the size of the
market. Thus, partnerships can conceivably be formed in which land developers own the physical real estate
and tech companies create platforms that allow tenants to access it.
 Bridging the digital divide by joining forces with tech companies is just one option, of course. The future for
developers holds any number of possibilities for growth and maturation with the aid of emerging
technologies and disruptive innovations. Below are some of the ways real estate is becoming more digital in
the Middle East.

3. MASTER-PLANNED AND SMART CITIES
 Real estate developers in the Middle East have relied on digital tools to build sustainable master-planned
cities. Examples include Masdar City in the United Arab Emirates, Lusail City in Qatar, and King Abdullah
Economic City in Saudi Arabia. The digital component comes in when developers are able to manage
projects start-to-finish with virtual rendering and automated processes.
 Another opportunity for real estate developers is found in what are known as “smart cities.” Dubai and Tel
Aviv are great examples of cities that have harnessed technology and Big Data to improve the efficiency and
sustainability of their communities. Everything from more energy-efficient buildings to infrastructure that
collects data can contribute to the development of smart cities, which is taking place around the globe.
 From a purely business perspective, larger planned projects allow for more control over the value chain.
Fewer transfers of ownership often equate to greater profit opportunities, and this streamlining of operations
grows more feasible with the aid of technology. Digital tools additionally help keep stakeholders on the same
page and they enhance overall collaboration, which is essential in large-scale developments.

4. VIRTUAL REALITY
 In addition to Tel Aviv, which holds international recognition as a leading smart city, Israel is home to a
company that is pioneering the application of virtual reality (VR) to real estate. Metanoia Interactive
has developed a VR program that allows consumers to tour prospective homes from any distance.
 This capability also makes homes accessible during the planning stages. In other words, clients can
“walk through” a property before it is built. Buyers can also contribute to the design of their ideal
home with this technology. They can make alterations while viewing the property through VR
goggles.
 VR technology ultimately saves time and money for everyone involved. People can weigh their
options—for example, for different building materials, finishes, or color palettes—in real time as they
build a custom home, or they can view multiple properties in one sitting. This frees up time for brokers
as well, and it helps eliminate errors in the building process.

5. DIGITAL TOOLS FOR REAL ESTATE INDUSTRY IN DUBAI
 Few cities in the Middle East can compete with the amount of innovation that’s percolating in Dubai, especially when it
comes to technology in real estate. The appeal for buyers and investors is found largely in the growing availability of smart
phone apps that facilitate real estate transactions of all kinds.
 The Dubai Land Department (DLD), for instance, has launched an application called Ejari for managing lease properties.
With this digital platform, owners, property managers, and others can interact with clients and register lease contracts
online. Ejari also provides protection for personal data and user information.
 In addition, DLD has an application for brokers in the Dubai market. The program gives access to information about
licensed property brokers and real estate companies with the goal of reducing scams by fraudsters. Additionally, this
interface provides details on property ownership, which helps expedite verification processes.
 Other digital tools developed by the DLD include a Smart Pay Service and the Investment Map portal. The former enables
people to pay various property fees on their smartphones, and it keeps a history of previous transactions and upcoming
charges. The latter, which DLD’s investment arm created, assists investors by compiling market data and trends to inform
decisions on where and when to invest.
 All of these applications run on secure government platforms, and that prospect increases the draw to invest and buy in
Dubai. Transparency is a requirement for any real estate transaction, and technology can greatly assist in facilitating access
to verified, accurate information.