< PreviousBROKER BRILLIANCE 100MAY 2024 Left: A neutral colour palette lobby; Olga Pankina, Chief Operations Offi cer, Whitewill Right: Exterior of a high-rise building; Living room; A minimalistic space PERSONAL GUIDES IN THE INTRICATE MARKET The property market can be overwhelming due to its sheer scale and variety. In fact, new projects have been recorded to come up every 17 hours. Real estate brokers provide crucial guidance, ensuring buyers and sellers make informed, strategic decisions that align with their fi nancial goals and capabilities. They clarify and streamline the decision-making process. They off er tailored property searches that align precisely with the client’s needs and investment objectives, eff ectively narrowing down choices from the vast options available. Whether the client desires a luxurious waterfront condo in Dubai Marina or a cosy family villa in Jumeirah, brokers leverage their intimate market acumen to pinpoint properties that meet these specifi c desires, thus saving valuable time and ensuring a more focused and fruitful property search. Brokers also provide ongoing support and guidance to their clients well after transactions have concluded. SIMPLIFY COMPLEX PROCESSES The complexity of real estate transactions, with its intricate legal requirements and extensive paperwork, can be daunting for both buyers and sellers. Today, many prospective buyers would not trust a seller without an agent. Brokers play a crucial role in simplifying these complex deals, ensuring that the legalities are handled correctly and effi ciently. They manage all aspects of the transaction process, from drafting contracts to coordinating with banks and legal bodies to ensure compliance with local real estate laws. This comprehensive management not only alleviates stress for the clients but also enhances the excitement and satisfaction associated with acquiring or selling property, making the entire process seamless and enjoyable. NETWORK FOR 360 SUPPORT Brokers are not just isolated experts; they possess an expansive network of professionals across the real estate spectrum including lenders, inspectors, contractors, and legal advisors. This connectivity provides clients with a holistic support Brokers are not just isolated experts; they possess an expansive network of professionals across the real estate spectrum including lenders, inspectors, contractors, and legal advisors”BROKER BRILLIANCE 101MAY 2024 system, crucial for navigating the various stages of the property transaction process. Whether it’s securing favourable pricing, fi nancing options, undertaking property inspections, or carrying out renovations, the broker’s network ensures that clients have access to the best resources and services, making every step of their property journey smooth and hassle-free. LOCAL MARKET EXPERTISE The Dubai real estate market is known for its dynamic nature with trends and opportunities shifting constantly, just like the city itself. Brokers who excel here maintain an expert level of real-time local knowledge. They monitor and analyse market trends, keeping tabs on which neighbourhoods are gaining popularity and which types of properties are seeing the best returns. The collaborative brokerage environment stimulates idea sharing and continuous learning, keeping brokers updated with industry trends and innovations. Brokerages also off er seminars, reports, and consultations, empowering clients to make informed decisions and navigate the real estate market confi dently. This insight allows them to advise their clients not just on current opportunities, but also on future trends, helping them to make investment decisions that are both timely and informed. As local market experts, brokers provide invaluable guidance that aligns with both the current preferences and long-term investment goals of their clients, ensuring satisfaction and profi tability. Dubai’s real estate brokers have transcended traditional transactional roles, becoming key partners in strategic investment and urban development. Through market analysis, trend forecasting, and advisory services, they contribute to the city’s urban development narrative, infl uencing investment decisions and contributing to the evolution of neighbourhoods and communities. The city, which demonstrated its best performance last year, is thriving. As a result, the demand for skilled brokers is expected to increase. They are indispensable guides, advisors, and infl uencers in the city’s real estate landscape. 102MAY 2024 PROPTECH PLATFORMS Navigating the forefront of advancements reshaping the property landscape, from smart homes to blockchain applications 102MAY 2024103MAY 2024103MAY 2024PROPTECH PLATFORMS 104MAY2024 TOKENISING THE FUTURE 104 PROPTECH PLATFORMS 104MAY2024PROPTECH PLATFORMS 105MAY 2024 Propshop is leveraging blockchain technology to offer fractional ownership opportunities in Dubai’s booming real estate market Words by Shehzin Shaikh PROPTECH PLATFORMS 105MAY 2024PROPTECH PLATFORMS 106MAY2024 Propshop, a proptech fi rm in the UAE, is revolutionising the investment landscape by introducing fractional ownership in Dubai’s real estate sector. This innovative platform makes it possible for a global audience to invest in the booming market, providing access to lucrative opportunities previously out of reach for many. Sarah Sajwani, an Emirati entrepreneur with a background in architecture, and Christian Frost Jensen, a former senior commercial advisor for Denmark’s Ministry of Foreign Aff airs and serial entrepreneur, have joined forces to make investing in real estate more accessible and inclusive. Their vision is to revolutionise the real estate investment industry and create opportunities for a wider range of investors. “We observed signifi cant barriers that kept many people from investing in real estate—high costs, complex liquidation processes, and accessibility issues. We launched Propshop, a platform where fractional ownership meets blockchain technology and kicked off with our fi rst tokenised investment buy-in in March. Propshop’s vision is to be a one-stop shop for real estate and deliver real estate brokerage services for off -plan, secondary market, commercial, rent and property management, and we will soon launch a one-of-a-kind development and architecture verticals. Our mission is to bring into Propshop the best practices from all over the globe,” explains Sarah Sajwani, CEO and Founder of Propshop. HOW DOES PROPSHOP WORK? Propshop’s platform utilises blockchain technology to tokenise premium real estate investments, making them accessible to all investors. By dividing properties into digital shares, individuals can purchase fractional ownership with a low entry cost, eliminating geographical barriers and providing liquidity for off -plan opportunities. Investors can trade tokens 24/7, creating a more inclusive and fl exible investment experience. “Token holders can also benefi t from additional perks, such as royalties and a Left: A chic white kitchen; 360 degree view of a modern living room Right: A row of townhouses; Sarah Sajwani, CEO and Founder of Propshop Images supplied by: Shutterstock/P ex elsPROPTECH PLATFORMS 107MAY 2024 Propshop’s vision is to be a one-stop shop for real estate and deliver real estate brokerage services for off -plan, secondary market, commercial, rent and property management” landlord program, which provide passive income streams and other forms of return on investment. Ultimately, Propshop simplifi es real estate investing and makes it as fl exible as trading stocks, with the added benefi t of real-world asset backing,” says Sajwani. Moreover, Propshop has addressed common investor constraints like high entry prices, illiquidity, and limited jurisdictions by pioneering a tokenised ownership model. Through detailed market analysis, Propshop can identify high-potential properties across the UAE, allowing a broader range of investors to participate in real estate investment. BENEFITS AND DRAWBACKS OF FRACTIONAL OWNERSHIP According to Sajwani, fractional ownership off ers several benefi ts to investors, including reduced initial investment requirements, risk diversifi cation, and relief from direct management responsibilities. This model also democratises access to real estate investments and makes it an attractive option for a broader base of investors seeking passive income and portfolio diversifi cation. “However, fractional ownership also entails challenges such as less control over property decisions, complexities in selling shares, and reliance on management entity performance. Moreover, achieving consensus among co-owners on property upgrades or sales timing can be challenging. Propshop addresses these with streamlined processes and enhanced transparency, ensuring smooth operations and decision-making,” mentions Sajwani. AN INNOVATIVE APPROACH In the global real estate market, trends are focused on integrating IoT, VR, and AR technologies for improved buying and viewing experiences. Additionally, blockchain technology is being explored for its potential to streamline transactions and enhance security and transparency in property dealings. “Locally in the UAE, the real estate sector is witnessing its own digital revolution, PROPTECH PLATFORMS 108MAY2024 spurred by the government’s support for smart city initiatives. These initiatives are complemented by the introduction of smart contracts and blockchain registrations, which are set to increase effi ciency and reduce transaction times signifi cantly. This technological adoption not only positions the UAE as a leader in real estate innovation but also attracts international investors looking for dynamic and secure markets. However, broader adoption is often slowed by stringent regulations and limited awareness, as well as perceived inaccessibility for the younger generation and those with lower purchasing power,” believes Sajwani. Eff orts to promote Emiratisation and legislative reforms aimed at attracting foreign investment, such as long-term visas for property investors and retirement visas for expatriates, are reshaping the real estate landscape. “Propshop is capitalising on these developments by implementing cutting-edge technology that aligns with these changes, ensuring that they not only meet the current demands of the market but also drive future innovation in the sector,” says Sajwani. WHAT DOES THE FUTURE BEHOLD? Propshop’s launch saw a complete subscription within the fi rst 24 hours, a testament to the market’s readiness for a modernised approach to real estate investment. Hence, as a nation renowned for its innovative and forward-thinking vision, the future of Propshop and the proptech sector holds immense promise, poised for substantial growth and continued innovation. “Our goal for Propshop is for it to be positioned at the forefront of transforming how individuals and entities invest in real estate, making it more accessible, fl exible, and effi cient. As the UAE continues to embrace digital transformation and sustainable development, we will play a pivotal role in shaping the future of real estate investments by leveraging cutting- edge technologies like blockchain, AI, and IoT to off er more transparent, secure, and user-friendly investment platforms,” concludes Sajwani. Left: Christian Frost Jensen, COO, Propshop; Dubai captured in monochromeNAVIGATE THE LANDSCAPE OF BUILDING BRILLIANCE, WITH NO INTERRUPTIONS UH OH, THE REST IS ONLY FOR SUBSCRIBERS SCAN BELOW TO JOIN THE EXCLUSIVE COMMUNITYNext >