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While some aspects of the Dubai real estate industry will return to pre-COVID patterns, others will permanently shift to a new normal, driven by the effects of the pandemic. The emerging trends report also reinforces the dominance of magnet markets, especially in warm-weather climates. These areas top the ranking of “Markets to Watch,” while cold-weather climates are declining in the rankings.
IoT sensors:
The Urban land institute has released its latest report, emerging trends in real estate 2023, which focuses on the changing dynamics of the commercial real estate market. The report contains proprietary data and insights from over 2,000 industry experts. It explores changes in the commercial real estate market since the COVID-19 pandemic, including what it means for property markets in 2023.
The report finds that high energy costs and the recession will both be key factors influencing real estate markets in 2023. One response to these problems is the new infrastructure to supply energy. This is partly due to historically high energy prices and the risk of shortages during the winter.
Blockchain technology:
Blockchain technology will change the way we buy and sell real estate. This technology allows investors to buy portions of a property for a fixed price, and sellers can sell them in individual tokens. This will lower the barrier to entry for new investors with little capital. Real estate tokens will function similarly to NFTs but will be tied to a tangible asset. Several companies are developing blockchain-based platforms to help real estate professionals.
Smart homes:
A new report released recently, highlighting the shifting market landscape in real estate. In the report, over 2,000 top real estate professionals share their thoughts about recent market shifts. These include changes in investor sentiment towards climate risks and the rise of impact investing. This report also highlights the bifurcation of the real estate market: while some aspects of the industry are returning to pre-Covid patterns, others are permanently shifting to a new normal.
Chatbots:
Real estate bots will be available to help agents better engage with their customers, as they are trained to answer questions in real-time. These artificial intelligence bots can access private information without revealing an individual’s identity to provide buyers with more accurate price predictions and assistance.
