In June 2022, Dubai emerged as the top global improver according to JLL’s Global Real Estate Transparency Index (GRETI). It was also the first and only in the MENA region to make its debut on the ‘Transparent’ tier.
The governments ongoing efforts to drive transparency in line with international best practices will further encourage foreign direct investment. The UAE is expected to attract the largest net inflow of high-net-worth individuals (HNWIs) globally in 2022, ahead of the US, Switzerland, Singapore and Australia. Increased transparency will result in significant increases to the level of foreign investment.
The real estate investor journey is known globally for being one of the least digitized and fragmented experiences a consumer may have in their lives. However currently in the UAE, the investment and property management process is undergoing huge transformation, and proptech firms are actively making strides to revolutionize the journey. Above all, it must bring real added value.
On a micro level, the modern real estate investor is longing for visibility and ease of tracking their property portfolio performance on an app; no different to plethora of apps available for any other investable asset class. Whilst landlord logins and dashboards are nothing new, the operational complexity of the sector is lending itself to a shift to a digital data-driven experience.
In today's on-demand world, technology-driven solutions are essential for optimizing operations and eliminating inefficient processes. Real estate is arguably one of the most complex service industries that requires varying professional engagements along the asset lifecycle (for example: brokers, mortgage lenders, homeowner’s association, insurers, conveyancers, maintenance contractors, property managers, etc.). Each of these providers may or may not have digital capabilities which can result in delays, inefficiencies and duplication. As people’s lives become busier and busier, their focus can shift from their portfolio which may result in a downturn in investments.
With significant strides in digitization being made, the real estate ecosystem can simplify business processes to improve the customer experience. By eliminating inefficient processes that can be digitized, businesses are able to make significant time savings and reallocate resources to focus on core objectives that require the human touch.
The marketing technology advances with products such as virtual tours and 3D floor plans aid consumers in filtering a targeted shortlist, therefore saving time and energy wasted at the first stage of the buyer/tenant journey. Also, electronic signing eliminates printing and delivery costs.
Financial technology and the use of digital modes of payment are helping eliminate the dependence on cheques, which results in saving on the cost of physically depositing and processing a cheque. In addition, no bounced cheque is equal to no bounced cheque penalty
Keyper is on a path to redefine how property investors manage their real estate portfolio in Dubai to help them reduce their overall management costs and enhancing their returns.
Focusing on digitizing the property management space into one cohesive eco-space, Keyper has developed a mobile application that allows the real estate investors to check their property portfolio the same way they would check their stocks, with ‘Keysights’ into their live valuations, portfolio status, and new investment opportunities - all at the touch of a button.
This article is written by Silvia Eldawi– Co-Founder and COO of Keyper.