Market Trends of United Arab Emirates Real Estate Services Industry
Increase in Facility Management Services in the United Arab Emirates
Current trends have shown that some of the key priorities in the sector point to competitiveness being necessary for companies to remain profitable, with a focus on being proactive in creating strategic partnerships, value creation, and leveraging the use of new technologies. Blockchain, for instance, offers a cutting-edge technology that enables real-time visibility, security in contracts, and accountability. Meanwhile, artificial intelligence presents an opportunity to optimize complex processes and segregate tasks between humans and machines, as well as establish predictive models that chart possible solutions. Energy management is another aspect that provides a huge potential for the facility management sector to expand its services, considering the increasing prices of utility and the rising awareness to address the environmental impact of conventional energy resources. In addition, smart facilities deliver new efficient ways to manage buildings with advanced connectivity.
Increase in Infrastructure Activity in the United Arab Emirates
The increasing real estate and infrastructure investments in the country are significantly driving the number of luxurious or premium facilities in the region. Mega development projects in these economies and rising government spending to develop better and smart infrastructure further create huge opportunities for the real estate services market players to expand their businesses in the region. Compared to Dubai, Abu Dhabi has well-organized development projects, all of which offer the long-term potential for real estate services. The government has announced the Higher Real Estate Planning Committee, whose main target is to control this demand between demand and supply. Hence, both the private and public sectors are coming together to control the market, which is quite essential. Real estate accounts for about 15- 20% of Dubai's gross domestic product (GDP).
