Andrey Sviridenko, CEO of the UAE-based proptech startup Behomes, discussed the advantages and hazards of collaboration in the Dubai real estate market as well as the contribution of contemporary technologies to this process.
In Dubai, most real estate brokers work in tandem with other people. This greatly increases the options, but it also introduces danger because it is challenging to gauge each partner’s dependability.
The CEO of the UAE-based proptech startup Behomes, Andrey Sviridenko, spoke about the advantages and dangers of collaboration in the Dubai real estate market as well as the function of contemporary technology in this process.
In 2023, the Mena area’s real estate market has be expanding. Property values in Dubai rose by 30% between 2021 and 2022. The first quarter of 2023 saw the completion of almost 30,000 transactions. Real estate prices in Dubai rose in 2023 as well. Experts predict varying increases in value, ranging from 5% to 20% depending on the property.
Russians made up 10% to 15% of transactions for non-resident property buyers in the UAE in 2022, according to various agencies. The largest number of transactions were made by people from India, Great Britain, Italy, France, and Canada.
Overseas go-betweens require accessible resources to locate brokers or agencies in Dubai in order to transfer clients and swiftly complete the purchase of real estate because the majority of transactions from overseas traffic are remote.
The transparency and financial incentives of the UAE real estate market are attractive to foreign investors. The volume of real estate transactions in Dubai has increased by 43% on an annual basis since February 2022. The percentage of international investors in Dubai real estate during the first quarter of 2023 reached 45%.
For UAE real estate agents and agencies, these prospects are advantageous. With international partners, they can widen their referral networks. According to the Behomes audit, on average, among 100 leads, UAE agencies receive responses from 18 foreign brokers, the majority of whom are open to working remotely (more than 70% of UAE real estate transactions will be conducted remotely in 2023). Without partnering with them, UAE agencies lose roughly 15–25% of the budget allocated for bought traffic.
Such collaboration also benefits foreign partners, who receive commissions on completed deals from UAE brokers. Such alliances do, however, come with challenges.
Brokers and partners can both worry about clients being “taken away.” Modern digital solutions aid UAE agencies and brokers in conducting transactions in a transparent manner, keeping track of their progress at every level, and successfully managing the affiliate program.
In the UAE’s real estate sector, digital tools are being used for collaboration programs.
At the level of the platform tools, the system forbids partners from stealing customers. Everyone has the ability to build a customized agency account with the client’s brand, grow their affiliate network by 100 people each month, and close deals with higher affiliate network revenues.
Newcomers to the Dubai real estate market are encouraged and given more reasons to remain loyal thanks to the affiliate program. The flood of experts from many nations fosters greater market expansion and corporate ties. According to Knight Frank specialists, the Dubai real estate market would expand by 13.5%. Modern technologies make it easy for professionals to reach a wider audience, boost their revenue, and enhance their reputation through exemplary service.
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