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PROPERTY GOES DIGITAL

Posted On Oct 16, 2018

Technology continues to be a vehicle for change in all industries, and Egypt's real estate market is no exception. The internet has restructured how properties are be signed and marketed to consumers and how consumers buy real estate. On the supply side, developers are diversifying their project portfolios with properties incorporating integrated technology. Among these are Mountain View's iCity and Abraj Misr's The Gate in Heliopolis. Most recently, SODIC partnered with Vodafone Egypt to offer all SODIC developments owners access to high-speed internet, surveillance and smart-home services. "Developers are offering lifestyle solutions that are smart and current. It is an ever evolving industry and technology has become an essential part of it. On the demand side, technology has also changed the way homebuyers buy and sell their properties

A recent survey in Australia, for example, indicated that 86% of potential homebuyers use the internet as their main tool to search for properties. In Egypt, online platforms track website activity to identify market trends and consumer behaviors.

The online real estate market is very successful in gathering data that a developer needs to conduct product assessments. Global research suggests that the internet will eventually eliminate the need for real estate agents as consumers directly buy from property owners, but analysts believe that won't be the case for Egypt. Brokers have capitalized on the existence of online property portals by listing their clients' properties on their behalf

The online real estate market isn't a competitor or replacement to traditional real estate brokerages, but rather a complement. In fact, it can now strengthen the way real estate business is conducted. A transaction can never be fully carried out online. But the online real estate market has been very successful in getting what we call "transaction leads,' meaning directing the developer or the property owner to sale and rental prospects."