UAE real estate sector is on strong upward path ahead of Dubai Expo

By Shilpa Annie Joseph, Desk Reporter
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UAE
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The UAE real estate market’s revival continued in the second quarter of 2021, with certain categories experiencing double-digit price increases ahead of Expo 2020 in Dubai.

With the theme of ‘Connecting Minds, Creating The Future’, the mega event is ready to welcome the public to Dubai next month. The Expo is a festival of exchange of ideas, knowledge, and culture.

According to the leading property services company Asteco’s UAE Real Estate Report, villa rental and sales rates in Abu Dhabi and Dubai continued to rise, with sales prices in some categories increasing by nearly a quarter in the time under review.

The Middle Eastern real estate markets carry the massive untapped potential to be better aligned with green and sustainability goals. In the real estate sector, regional service providers are using a “brownfield” approach to transform existing buildings as well as new ones.

The cost of simply updating all of the hardware in existing buildings is enormous. “Yet the sector cannot continue with the status quo, in light of increasing regulatory push through initiatives like the UAE Energy Roadmap and the Green Riyadh program,” according to the reports.

“Brownfield” advocates are now pushing the consensus on cost-effective, downtime-reducing, and hardware-agnostic solutions that can bring old and new buildings into digital parity.

In this regard, the Netix Novus Partner program, developed by Netix Global, a prominent smart building and automation service provider, is a significant new initiative. Its introduction has been planned to coincide with the start of the Expo in order to increase the real estate sector’s competitiveness by leveraging the major event’s influence.

As per the reports, the initiative intends to develop an ecosystem of partners, to create a “Brownfield” revolution powered by open protocol, plug-and-play solutions, for existing buildings.

Related: UAE’s GII forms JV to fund Europe’s senior living real estate market


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