Dubai – Mubasher: Dubai’s real estate market is expected to see a boost on the back of a raft of regulations by the GCC nation’s government, coupled with the private sector’s efforts to introduce further technology-based products, JLL said in a report on Wednesday.

Several commercial projects were re-commenced during the first quarter of 2019, as developers push to deliver projects ahead of Expo 2020, the leading worldwide real estate firm added.

“With ample choices available for tenants, landlords continue to offer incentives in order to retain current occupants – this trend is expected to continue over the next 12 month,” JLL’s Q1 Dubai Real Estate Market Overview report showed.

Almost 9,800 units were completed over Q1-19, marking the highest number of units handed over in a single quarter for the last few years.

“A rising trend in the space is that of new technologies being introduced in response to the government’s call to switch to paperless transactions. Dubai Asset Management, for instance, is one of the first major developers to respond by rolling out Phase I of its ‘fully digital and paperless property programme,” the American professional services and investment management company added.

Earlier in 2019, Majid Al Futtaim (MAF) partnered with rapper Will.I.AM's technology company to deploy an AI platform to engage customers and provide a digital and virtual experience for retail and entertainment.

The report noted that mall owners are investing in new technologies such as artificial intelligence (AI) and click and collect to maintain and increase footfall.

“The overall real estate market in Dubai is maturing and looking beyond just cyclical trends. Entities are increasingly looking at innovative ways in which to re-strategise their portfolios and assets in order to boost their businesses. The government is also actively introducing regulations, such as the one allowing 100% foreign ownership of companies in the UAE to stimulate demand,” Craig Plumb, head of Research of JLL MENA, commented.