Doha: Company officials at the 3rd Qatar Real Estate Forum have confirmed the growing impact of digital transformation and artificial intelligence tools on the real estate sector. They pointed to the increasing use of technology by developers and clients in sales, purchase, and rental processes, including determining property locations and pricing levels, concluding deals, and predicting the future of real estate.
According to Qatar News Agency, during a session titled "The Impact of Digital Transformation on Real Estate Promotion," part of the second day of the third edition of the Qatar Real Estate Forum, which opened last Sunday, officials added that the introduction of artificial intelligence tools into "sales model" experiments by 2025, through engines that study customer and consumer behavior and link it to supply and demand, has led to positive results, including a 30 percent increase in sales and a reduction in costs. They noted that the implementation of AI solutions in the real estate process is now happening as quickly as possible.
This entire process has proven that the use of technology can contribute to enhancing market performance and providing more options for dealing between brokers and clients. They pointed out that technology has helped companies verify vast customer data without relying on employee expertise, which would have taken a long time. However, companies are now using AI to make decisions with high confidence.
Through AI tools, clients can now purchase a home, choose its location and the availability of services, secure their investment for the future, and make decisions with a high degree of confidence based on technology. As for asset managers, the digital transformation has helped them enhance sustainability and efficiency. Developers are now working to develop solutions that offer better customer experiences, adding, "Technology has become an integral part of any piece of real estate."
Speakers at the session ruled out the possibility that this technology would replace human talent or capabilities, suggesting that digital transformation tools would focus on sales or indicators of available real estate options, including residential, commercial, and other types. However, it is unlikely that artificial intelligence will replace real estate agents. Rather, it could be used between clients and real estate agents, requiring agents to learn how to use AI tools in their work. When this technology is available, they can leverage it effectively. Therefore, this system supports human capabilities rather than replacing them.
They said that the use of digital transformation tools and artificial intelligence in the real estate process has become part of the value chain in the technology sector, helping to personalize the experience for users and investors. These users can use these platforms, applications, websites, and social media to analyze data and make sound decisions that enhance their performance in the real estate market.
In the same context, several speakers noted that despite this development, there are challenges and difficulties facing those working in the sector, most notably the difficulty of determining whether the information entered is accurate or not, processing attached property images and their accuracy, and determining whether they are of good quality or not. Therefore, while employees can complete approximately 100 of these transactions per day, artificial intelligence can complete the same number of transactions in a matter of minutes, especially if the data is accurate.