Invest-Gate presents the expert-based recommendations derived from its prolific #DigitalWeek, after concluding its first-of-its-kind online conference on July 22, laying out the ins-and-outs of Egypt’s real estate scene as digital technologies become the market’s new hot trend.
In a world where game-changing innovation has become the norm, Invest-Gate’s Real Estate Committee, along with local and international market leaders as well as tech experts, marked the successful end to the four-day event by assessing how digitization in the Egyptian property sector is transforming industry-related businesses through the use of Virtual Reality (VR), Artificial Intelligence (AI), and blockchain technology.
Pointers came during the #DigitalWeek’s final webinar, which was moderated by Mena Group Founder Fathallah Fawzy, and was headed by Invest-Gate’s Real Estate Committee, in addition to multiple industry experts and panelists. This includes Tatweer Misr President and CEO Ahmed Shalaby, Mountain View Chairman Amr Soliman, Rooya Group Chairman and CEO Hisham Shoukri, KVRD President Nehad Adel, Real Estate Export Council Board Member Amr El Kady, and Iwan Developments CEO Waleed Mokhtar.
Members of the Panel Agree on Below Recommendations:
• AI technologies, paired with VR and Augmented Reality (AR), should be adopted to stimulate the hospitality and tourism sector.
• Modern technologies such as VR and AR boost virtual sales, therefore these solutions should be promoted in Egypt to attract more local and international clients (i.e. more foreign investments).
• Much of the property cycle shall modernize soon to forge ahead, especially in the pre-design phase of smart cities, which will identify suitable land locations and ensure the sustainability of real estate projects.
• The adoption of blockchain technology in the country’s real estate registration offices is vital to boost consumer confidence.
• The legislation should be revisited to facilitate financial transactions in the blockchain-backed real estate sector, which will consequently contribute to the development of the economy as a whole.
• Tokenization of property assets should come into effect, which will ensure the rights of sellers and buyers alike, and streamlining the overall home buying process.
• Technologies such as blockchain and AI should be found in Egypt for monitoring transactions and mapping out the direction of demand and prices by data analytics.
• Cooperation between both the government and real estate developers is crucial for implementing blockchain technology.
• Implementing an isolated “Sandbox,” which is currently used in the Egyptian banking sector, is suggested for enabling developers to put forward their proposals and requests for legal reforms, which will also serve to ease the forthwith blockchain application.
• Industry-related partners should build an e-platform, backed by AI-enabled technologies, to showcase all real estate products across the country.
• Property developers should promote themselves and their projects differently and innovatively abroad, which will benefit exporting real estate as a consequence.
• All real estate players should prepare to rely on virtual exhibitions/conferences in the near future.
• More innovative/creative products should be rolled out to meet the needs of younger generations, especially with 40% of the global workforce belonging to Generation Z (i.e. people born from 1995 to 2010).
• Conducting more precise analyses and studies through scientific bodies and universities is significant for a successful digital transformation.
• The establishment of a neutral entity or body is necessary for an in-depth study of Egypt’s real estate market, hence ensure credibility for non-Egyptian buyers, not mention giving indicators for local developers on property investment and aiding the state in land allocation.
• The creation of an administrative body, affiliated to the Cabinet and Justice Ministry, under the supervision of the Housing Ministry, through which both public and private sectors can communicate is a catalyst to lay out the necessary frameworks for digitization.
Want to delve into the digitization of Egypt’s real estate market? Catch a glimpse by reading Invest-Gate #DigitalWeek’s wrap up here: https://bit.ly/32Xalon