Proptech allowing realty to build momentum

Property technology (proptech) will play a key role in enhancing design, construction and operations, while also helping the real estate sector to re-emerge stronger having adapted to the new normal.

“Today, we’re seeing a much greater acceptance of real digital transformation where construction businesses are seeking innovation guidance to understand how technology can help them achieve efficiency gains, adapt to changing requirements on site and create certainty out of uncertainty. We’re moving towards a time where people are now ready to accept innovations that aren’t 100 per cent perfect, where 70 per cent is recognised and appreciated as being better than zero per cent,” said Sherief Elabd, director of industry strategy at Oracle Construction and Engineering.

“As the Covid-19 pandemic continues to impact global economies, some industries are evolving to identify how to protect or change their business models to suit whatever the future might hold. Some like the construction industry are starting to change culturally entrenched attitudes to digital transformation out of necessity. The construction industry has been slow to adopt technology in order to digitise. But during the pandemic the shift of attitude has accelerated a move towards digital transformation,” added Elabd.

The Middle East & Africa Building Management System Market (2020-2026): Market Forecast by Research and Markets projects the MEA building management system market to grow at a compound annual growth rate of 4.2 per cent from 2020-26.

Prabhu Ramachandran, CEO of Facilio, said: “Proptech played a crucial enabling role in the UAE opening up for business early, safely, and successfully. Technology-enabled remote operations, by providing operational visibility and helping to maintain necessary sanitisation levels for occupant safety and wellness. The pandemic caused a major crisis for the sector, but it has also made the market realise the potential of technology, to lower operational costs and optimise process, energy, and resource efficiencies. The adoption of technology in the post-construction lifecycle of real estate had been slow thus far, despite enormous potential. The pandemic has helped the market realise the multi-fold value creation that technology can unlock, and this evolution will be evident, in the next few years.”