The United Arab Emirates (UAE) is a country located in the eastern part of the Arabian Peninsula. The UAE consists of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah. Abu Dhabi is the capital of the UAE and is also the largest emirate by land area.
The UAE has a population of approximately 9.3 million people as of 2019. The majority of the population are expatriates from different countries around the world. Property ownership in the UAE is primarily concentrated in Dubai and Abu Dhabi with almost 80% of properties being owned by Emiratis and foreigners respectively.
One of the least digitalized and fragmented experiences a consumer may have in their lives is the investor-landlord trip. Proptech companies are actively working to improve the investment and property management processes in the UAE, which are now undergoing significant changes.
The region’s dedication to openness and digitization is further demonstrated by the Dubai Land Department’s (DLD) recent agreement with Emirates NBD to allow direct debit rent payments.
The desire for visibility and simplicity of tracking the performance of a property portfolio on an app is shared by real estate investors, just like it is for any other investable asset class. Despite the fact that landlord logins and dashboards are nothing new, the operational complexity of managing a property portfolio and tracking your real estate assets in real-time is encouraging a transition from conventional property management to a digital data-driven experience.
UAE property owners have been using property management services in Dubai to varying degrees depending on the emirate they reside in. However, there is a general lack of awareness about the importance of asset management when it comes to property ownership.
Asset management is a process that helps property owners protect and grow the value of their assets. It involves activities such as monitoring and maintaining the condition of the property, collecting rent, and managing repairs and renovations.
Property management companies in the UAE offer a range of services that can help property owners with asset management. These services include regular inspections, tenant screening, rent collection, and repair and maintenance services.
Despite the many benefits of using property management Dubai services for asset management, a significant number of UAE property owners are not taking advantage of these services. This is likely due to a lack of awareness about the importance of asset management and the benefits that property management companies can provide.
UAE property owners need to be made aware of the importance of asset management in order to protect their investment and grow the value of their property. Property management companies can play a vital role in helping property owners with asset management by providing a range of services that can help keep the property in good condition and improve its value over time.