Proptech companies are gaining grounds and will drive growth in the UAE real estate due to strong start-up ecosystem, government support and high demand for SMART solutions. The Zoom Property Insights data disclosed that proptech start-ups across the UAE have raised more than $100 million in funding during the past five years while $16 million was invested in proptech companies in the emirate during the pandemic, enabling it to grab a prominent spot in the list of most attractive countries for proptech investment. The Insight data further noted that Dubai real estate will continue strong upward trend this year, further increasing demand for proptech companies in the emirate.
“The real estate market in the UAE is growing rapidly, with new developments being built all the time. This creates a huge opportunity for proptech companies to provide innovative solutions to meet the needs of investors, sellers, and end-users,” said Ata Shobeiry, CEO of Zoom Property.
Ata, who believes that the prospects for proptech companies in the UAE are very promising, said the recent statistics indicate that proptech companies in the region are growing in number, attracting significant investment, and gaining traction among real estate professionals and consumer. Experts, executives and leading industry players see bright prospects for proptech sector as real estate companies have become more and more data-driven in their approach, using data gathered from artificial intelligence and other tools to make investment and operating decisions.
The UAE is home to more than 55 per cent of over 200 proptech start-ups in the Mena region, according to the Zoom Property Insights. It is expected that these numbers will continue to grow at a rapid pace as more companies are setting foot in the region, leveraging the ever-growing real estate market of the emirate.
