Dubai's real estate is thriving in the age of technology
Published Date: 24 Jul, 2024
Dubai's real estate is thriving in the age of technology
The foundation of the real estate market in Dubai is remarkably sturdy. The city is safe, clean, and home to many wonderful neighborhoods. It also has a thriving tourism economy and a helpful government. In actuality, Dubai is the best city for foreigners to live in, according to the banking service Remitly. However, social media is greatly enhancing Dubai's real estate market.
Milestones Years
The Dubai property market is expected to have another successful year in 2023 after reaching significant benchmarks. According to Deloitte research from 2023, the city's residential market had year-over-year (YoY) increases in sales and cost of renting of 18 and 26%, respectively. Office rentals, meanwhile, increased YoY by 17%.
Realiste, a prop-tech company, projects that the city's real estate market will expand by 15% by 2024. Dubai is currently experiencing real estate sales totaling about $15 billion as of mid-February. As of this writing, data have not been released, but by the conclusion of the first quarter, real estate transactions should have reached $27.2 billion.
The property market in Dubai is expected to grow significantly in 2024—roughly 15 percent—due to strong demand, a booming economy, and more interest from overseas investors, according to Realiste.
Boost from social media
One of the most inventive and practical forms of communication to appear in recent years is social networking. Businesses utilize social media as more than just a way to communicate; they use it to increase their visibility and attract new audiences.
The use of digital technology is helping to draw in potential purchasers in Dubai's real estate market. Chinese investors are showing a growing interest in Dubai homes on Douyin, the official Chinese equivalent of TikTok, a short-form video hosting site, according to the latest NativeX research.
According to views on Douyin, Dubai's real estate content came in ninth place out of all worldwide content, according to NativeX, a well-known digital marketing platform. It ranked sixth in terms of engagements in the meantime. Although it does better than other important markets, the city lags behind the Japan, US, South Korea, and Thailand. Singapore, Canada, Australia, and the UK are a few of these.
The results also show that consumers are interested in learning more about themes related to the residential market and overseas real estate investments.
Alongside Saudi Arabia, the United Arab Emirates (UAE) in general are also becoming more popular. There was a remarkable 343.77 percent increase in the volume of searches for "UAE" between September 2023 and March 2024. In the meantime, searches for "Saudi Arabia" rose by 198.66 percent.
Getting used to the digital age
Dubai real estate professionals understand how important it is to establish a social media footprint and an image of the best real estate agency in the UAE.
Real estate gurus with large social media followings gathered earlier this year for the second iteration of the 1 billion Followers Summit, which took place in Dubai at the Museum of the Future and Emirates Towers. The chief executive officer of Dubai-based Harbor Properties, Mohanad Al Wadiya, emphasized during the event the importance of adjusting to shifting media consumption patterns.
I need to pay more attention to my position on mobile displays because of the shift in media consumption patterns. individuals love to connect with individuals behind brands, not just companies, which makes personal branding crucial. Therefore, it is essential to have a brand embodiment that conveys the brand values, he said.
Date: 24 Jul, 2024
