How technology is changing real estate

Technology has revolutionized the way we live, work, study and do business. Whether it’s our desktop, tablet or the smart phone, the adoption of technology permeates every aspect of our lives. The face and pace of business significantly changed after the first computer buzzed in an office, and its changing ever since, as new technologies are being developed, they effect and change how business processes and transactions take place, and how the seller interacts with the buyer. All businesses have to constantly adapt new technologies to stay competitive, keep up with the market trends, and rise to consumer expectations. Technological advancements have had an effect on all major industries and real estate is no exception. Though the real estate industry was late than others to adapt new technologies, innovation is now apparent in the way homes are being designed, built, advertised and sold.

The home buying process

Internet is the first place home buyers go to start their research; they can search for property listings anywhere in the world, at any time of the day or night, research about the area and the kind of property they are interested in before they choose a broker to guide them in the buying process. Consumers also use the internet to research about brokerage companies and their reputation and rankings in the market. Technology is empowering the consumer to make better decisions, many property portals, brokerage websites and tools provide access to real-time information about prices, transactions and easy to understand info-graphics that give tremendous insight of what’s happening in the real estate market. 3-D floor plans property videos and 360 degree tours make it literally feel like you are inside the property without being physically present. Realtors are leveraging social media to widen the sphere of influence and connect to potential buyers. Smart phones have accelerated the entire real estate process as it provides a communication channel between the seller, buyer and the agent, and has the made the entire progression more transparent.

Big Data

We all have heard of the term “big data”, but what exactly is it and what significance does it have in real estate?
Data is being created every time we buy grocery, shop online, surf the web, search for property online, watch TV, swipe a credit card or even just drive to the office. Almost everything we do creates data, and this data is collectively referred to as “big data”. This acts as a raw material for business intelligence and when processed and analyzed using analytical tools and software, create insights to understand consumer needs, behavior, and helps in creating new and improved products, services, and to take better business decisions. As the real estate industry takes lessons from technology, “big data” is playing a role in creating better communities, designing real estate that suits the end-user, provide useful and easy to understand information to home buyers, and insights to real estate companies about who is buying what, where and when and what tools they require to reach out to the target audience.

Smart home devices

Just as mobile technology has completely transformed how we communicate and share information, smart home devices are changing the way we live, and interact with our homes. These devices are already creating a buzz as they have the ability to manage security, temperature control, lighting and energy from a cell phone application, some of these devices can also record data and based on this, take operating decisions and predict our needs thus providing convenience and total control even when you are away.

Technology has completely transformed our way of living, and as far as real estate is concerned there is not a single form that is exempted from the its exponential growth. There no stop to exciting innovations, and with a lot more concepts on the buzz in the real estate industry, we look forward to the use of virtual reality wearable for property viewings, drones for capturing aerial view imagery of properties, 3D printing for construction of property, and online crowd funding platforms to find and invest in real estate. While some of these technologies have made their way into the market, we don’t need to wait for long to see these becoming a standard.

As technological advancements are likely to bring newer tools and overwhelming information that will persist to impact the real estate industry, the goal however remains the same; helping people find the right property and add value to their lives.

Slowdown or a healthy softening?

Dubai real estate sector is experiencing a decline in transactions and property prices.  An overall slowdown is apparent and is most likely to stay for sometime as in the current situation it’s difficult to predict when the market will start recovering and prices, investor sentiment and inquiries will start shooting upwards. The drop in global oil prices are making oil based economies to struggle with the deficit created by the low prices. Dubai real estate is an investor driven market and at this time investors have attained a wait and watch attitude, however there are investors who see opportunities in the market but the number is relatively small. According to a recent survey 47 percent of Dubai real estate brokers expect the easing of sales price to continue in 2016 .

The slowdown in property transactions and the decline in sales prices is also believed to the bottoming as in the real estate cycle the next phase after the slowdown is recovery.

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Experts believe that the market is getting used to the low prices and this trend will continue for some time and then slowly move towards the crest.  One positive attraction for investors is the high rental yields, rental prices have shown no or negligible drop in the last few months and for investors this is a good point to consider as they can still get high rental returns while paying a lesser price to buy the property. Some developers are also creating flexible payment plans to attract mid income buyers, this is a good move as this opens a new and untapped market as this segment of buyer is so far missing from the property scene. Creating local demand can keep the market activity on and any new inventory will be absorbed keeping the balance between supply and demand at par and keep sustainable growth. Developers are positive about the absorption of the new inventory that is being released, they believe that there is enough buyers for the new properties and also the actual number of new units to be released in the market has been exaggerated.

Feel the serenity at Jumeirah Park

Jumeirah Park is one of the most prestigious residential communities in Dubai located next to Jumeirah heights and Jumeirah islands. Envisaged to become a family haven which provides high quality of living, high end amenities in a serene environment. Jumeirah park has its place when compared to other similar communities in Dubai and has been able to gain enough recognition as a sought after development by families and young couples. Jumeirah Park offers a unique ambiance and relaxed atmosphere, which is cherished by the inhabitants.

The community consists of meticulously planned villas built amid lush green parks and beautiful landscapes covering a total area of 370 hectares. Jumeirah Park consists of 2000 villas which range between 3 to 5 bedrooms. The villas at Jumeirah Park are built with three different types of themes, each unique in its own way catering to different family needs and tastes. Each unique theme is stylish and showcases the best of building techniques, fantastic finishes and innovative utilization of space. Jumeirah Park houses feature Heritage, Legacy and Regional themes the themes have been inspired by French , Arabic and modern architecture and have been well implemented by renowned experts.

Jumeirah park villas built with Heritage theme showcase French doors which compliment the theme, the water features mesmerize the mosaics. Villas with regional theme showcase Arabic style of architecture which can be viewed in the woodwork reflecting the 365 sunny days of Dubai.

Jumeirah Park villas with Legacy theme showcase classic tiled roofs and ornamental window frames. The bigger homes come with a temperature controlled Swimming pools, all the villas provide modern facilities, well designed kitchens, guest rooms and terraces. There is a garage and a large backyard with every villa. Jumeirah Park is a self contained community consisting of retail stores, restaurants, educational institutions, healthcare facilities and mosques, jogging and cycling tracks and abundant greenery. Located off Sheikh Zayed Road Jumeirah Park enjoys a convenient location in the heart of the new Dubai.

For more information on Jumeirah Park: http://en.wikipedia.org/wiki/Nakheel_Properties