We currently live in a world now dominated by technology and now impacts all of our lives. It has changed the way we consume media, communicate with loved ones, manage our finances and more. But how is technology impacting the real estate market and how does this affect us all?
Blockchain is the technology which without, cryptocurrencies such as Bitcoin, wouldn’t be able to exist. In short, blockchain is a digital database that records all transactions, which eliminates the need for verification by financial institutions. As recently as 2017, properties have been sold using blockchain, with the blockchain real estate companies emerging as a result. Time will tell as to how this will affect the real estate market in the MENA region but the technology has been proven to fit perfectly within this industry.
Augmented and Virtual Reality
This form of technology is arguably one of the most transferrable to the real estate sector. Often, investors of off-plan property are anxious to understand how a completed project will look. Thanks to advances in Augmented Reality (AR) and Virtual Reality (VR), real estate companies can now develop an experience that is as close to being within a property. Thanks to this technology we were able to create a virtual experience to showcase the Alsidra development.
Robots in the Home
Such is the pace with which technology develops, we now expect things immediately. Consumer electronics is an area with which the likes of Apple, Google and Amazon understood quicker than most. Amazon’s Alexa device, Google’s Home device and Apple’s Homepod device are now to many as essential as a TV in the home. The devices mean real estate companies now need to consider the integration of technology throughout the home. From running a bath, controlling brightness and opening blinds, the public now demands a more digitized lifestyle.