Dubai: The potential for PropTech to simplify and improve the home-buying experience is greater in the UAE than in any of the other surveyed countries, according to a study by HSBC.
Currently the level of PropTech use in the UAE is lower than in the other eight countries, and UAE respondents reported higher levels of stress during home-buying than their global peers, signifying greater opportunities for PropTech players.
The opportunity for increased technology uptake can be seen in the 67 per cent share of recent UAE home-buyers who say they use online channels such as websites, mobile devices, and email to research their property purchases, compared with 83 per cent among all nine countries.
In the use of online resources to research financing options, only 61 per cent of UAE survey respondents said they use online tools, compared to the nine-country average of 74 per cent. In the UAE, the same proportion (61 per cent) go online to identify what they can afford — again, lower than the 73 per cent average across all countries.
Nearly two-thirds (62 per cent) of home buyers reported being stressed out dealing with people, versus 37 per cent globally. Forty-nine per cent of UAE respondents say they are stressed when negotiating prices, versus 29 per cent globally; and 40 per cent worry over fees in the UAE, compared with 28 per cent globally.
Online developments in the property market show that mundane and repetitive tasks are increasingly being handled through automation, thereby making the estate agent’s role more focused on value-added consulting that helps in decision making and improves the purchaser experience.
“Technology is offering a range of solutions to improve the user experience in the real estate space. Ultimately though, technology is not always enough in isolation. Leveraging best-in-class expertise, market insights and the deep experience of local experts is the most likely way that home buyers would achieve their ambitions,” said Asma Dakkak, a research manager with JLL in Dubai.
As people increasingly turn to technology, and as that technology becomes increasingly powerful through the aggregation of big data, predictive analytics, and artificial intelligence, virtually reality has the potential to allow home buyers to view more homes, narrow down their choice and then ‘live’ in a virtual version for several days to truly try it out before making a purchase decision.
