The real estate sector serves as a metaphor for residences, workplaces and leisure spaces that are at the core of every city.  Digitalisation across the sector is now altering the ecosystems of smart cities to a great extent. As urbanisation intensifies and the demand for intelligent infrastructure increases, real estate developers are taking the lead in integrating these cutting-edge technological and smart solutions into their projects.

The current industry trends indicate that the future of real estate development will be heavily reliant on data as smart homes with efficient energy systems and digital connectivity are gaining momentum. Real estate developers are pushed further to integrate smart technologies into their projects to create smart buildings that are more efficient, sustainable, and comfortable for their occupants. 

As the urban community is gravitating towards smart cities, real estate developers are collaborating with local governments to integrate smart city technologies and infrastructures into their projects to stay ahead of the curve in this highly competitive sector. The integration of these features will not only help to create attractive properties but also helps the developers to contribute towards building more sustainable cities. 

Even though the real estate market and construction of smart cities are two distinct domains, there is a significant interconnection between the two. Development of smart cities can potentially influence the real estate market, especially due to the implementation of smart technologies and infrastructure. The end users of smart cities are undoubtedly the residents who tend to explore the potential of various technologies to ease their daily life, thereby, having high expectations regarding performance and quality of their space.

On the other hand, smart cities require seamless integration of various components, like infrastructure, designs, utilities and digital connectivity. The real estate supply chain encompasses the process involved in designing, constructing, and delivering these components, making it a crucial factor in determining the success or failure of any smart city initiatives. Hence, the real estate supply chain systems must adapt to evolving trends and integrate cutting-edge solutions to its operations to cater to the changing needs.  

As the world is now moving towards a digitally connected and smart lifestyle, several real estate markets have amped up their efforts to foster the development of smart cities and reap great benefits from it. Dubai being one of the most dynamic real estate markets globally, we can see its transformation into a smart city and how its real estate market has leveraged this development. Real estate developers have made remarkable contributions to implementing the city’s transformation strategies by incorporating smart technologies and data-driven insights to plan, build and manage developments more effectively. At the same time, Dubai’s allure to international investors has aided the sector in its path to developing smart cities. 

Real estate developers in Dubai are now adopting advanced technologies at a rate that was previously unusual for the sector. However, Dubai’s smart city concept still has more ambitious targets for the future. While current trends in smart city design and implementation are being driven by technology and shifting human preferences, the industry requires an abundance of skilled workforce to ensure sustainability of the smart city endeavour and digital revolution, as a whole.

Sobha Group – Some initiatives

Mobility forms a key pillar of technology solutions being rolled out by the Sobha Group, to empower customers with cutting-edge technology solutions at their fingertips. Dedicated mobile solutions will enhance customer experience and empower key touchpoints of the customer journey. Prospective buyers can get a seamless viewing and buying experience – they can explore property listings, schedule virtual or physical visits, get projects and construction related progress updates, and even complete the entire buying process seamlessly. On the other hand, Sobha property owners and residents can stay connected with their community, access community services effortlessly, and be updated on events and activities.

Smart home automation systems are being considered for integration with customer mobile solutions. Such an integration will empower customers to control various aspects of their homes, such as lighting, temperature, elevators, intercom services, and security, all from the convenience of their mobile devices.

Metaverse and Virtual Reality will transform the way potential buyers experience and interact with property units. These solutions are capable of providing an experience that is totally immersive and realistic and can transcend geographical boundaries to reach customers far beyond our borders. Digital twins of Sobha Group’s properties will allow users to experience not just property units of their interest, but also the surrounding community and city neighbourhoods in a comprehensive virtual environment. This will allow potential buyers to gain a comprehensive understanding of the overall community, its infrastructure, amenities, as well as the surrounding city scape even before stepping foot on the physical site. With the metaverse, potential buyers and even existing residents can navigate through virtual spaces, exploring the intricacies of properties with unprecedented detail.

As technology advances and urban populations rise, real estate developers are being driven to integrate smart technologies and sustainable practices into their developments to remain competitive. The future of cities lies in the hands of those who recognise the transformative power of real estate in the development of smart cities, and Dubai has been working diligently to convert itself into a metropolis of the future, supported by a model for smart governance. Currently, Dubai is rapidly developing into one of the world’s smartest cities as a result of outstanding ICT integration and innovation, a progressive government, and regulatory reforms.

PNC Menon is Founder and Chairman, Sobha Group.

Built Environment's ‘Expert Talk’ series carries knowledge pieces every week by industry professionals who give their take on the key trends, observations, issues, and challenges in the built industry. The opinions in these articles are the author's own and do not reflect that of the publication. This is a standard disclaimer.