A number of factors, such as significant government investments, economic diversification, and population growth, have contributed to the UAE’s construction industry’s recent and ongoing boom, which has a favorable impact on the nation’s real estate market. The construction market is expected to rise at a compound annual growth rate of 4.26 percent this year, reaching AED193.38 billion ($52.7 billion) by 2030, according to market intelligence and advice firm “Mordor Intelligence.” The real estate industry will benefit even more from this expansion because there are a lot of projects planned that should be completed by then.
A number of other causes are also driving the construction industry’s growth, as the development of infrastructure, especially in the areas of transportation and renewable energy, necessitates the use of cutting-edge technologies to guarantee the best possible products for consumers. The proptech market in Dubai, which intends to treble its sector value by 2030, is essential to this expansion since it brings innovative technology that improves the sector’s technical and design elements.
Proptech: A necessity for investors
Georges Calas, CEO of Lifesize Plans Dubai, remarked: “Witnessing the constant growth of the UAE’s real estate sector and strong influx of investors coming in from all around the world, it was an easy decision for us to enter the market in 2023. As the sector continues to flourish, it becomes increasingly crucial to focus on the attention to detail for every square meter that it is being constructed not just from a design perspective, but to also help identify any potential problem before work even starts on the project.”
Moreover, Calas highlighted that, “As the overall supply of both residential and commercial developments continues to increase, the proptech sector in parallel also becomes more of a necessity as opposed to a luxury when it comes to investors looking to buy their dream home and will soon become an essential tool for developers to incorporate in the years to come.”
Two of the UAE’s main industries that are essential to maintaining continuous success are the construction and real estate sectors, since the country continues to be a popular destination for tourists and investors worldwide. As the real estate market continues to grow and change, developers will increasingly rely on the development of ancillary industries like proptech in order to provide the best possible infrastructure, design, and quality.
