The 2024 World Government Summit will be held from the 12th to the 14th of February in Dubai, United Arab Emirates, under the theme “Shaping Future Governments”.
Held in Dubai since 2013, the World Government Summit (WGS) is a global event that brings together government officials, international organisations, and industry leaders to discuss and address global challenges.
The World Government Summit serves as a platform to share knowledge and promote international cooperation. This year’s summit will focus on shaping a better future for humanity, with themes including sustainability and urbanisation and government acceleration and transformation.
One theme of particular interest at this year’s WGS for Property Finder is Artificial Intelligence. That is because we are already seeing how AI solutions in real estate are starting to transform the industry.
In this article, we will explore how AI is impacting the real estate sector so that you can stay ahead of the curve.
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The World Government Summit 2024: Dates, Location, and Themes
Key information about the World Government Summit 2024:
- Date: 12-14 February 2024
- Location: Dubai, United Arab Emirates
- Themes:
- Government acceleration and transformation
- Artificial intelligence and the next frontiers
- Reimagining development and future economies
- Future societies and education
- Sustainability and the new global shifts
- Urbanisation and global health priorities.
Artificial Intelligence in Real Estate
Throughout 2023, it became clear that Artificial Intelligence has the potential to revolutionise various sectors, including real estate. Below, we’ll explore several ways AI is being used to improve how we buy, sell and invest in property.
Property Valuation
An interesting application for AI in real estate is to help with property valuation. Tools like Automated Valuation Models (AVMs) can provide property values using market data, property features and even digital images. This is both a faster and more accurate way to determine the value of a property compared to traditional methods.
Enhanced Real Estate Marketing with AI
Property portals can leverage AI to market properties in a much more personalized and efficient manner. For example, AI can analyse a user’s data and preferences to recommend suitable properties and deliver targeted marketing campaigns.
This personalised approach to marketing can help improve lead generation and conversion rates. Moreover, by automating marketing efforts, AI can reduce costs and improve efficiency for real estate professionals.
Improved Customer Experience
There are several AI tools that can help improve the customer’s experience. For example, Hydro’s AI chat and voice interface acts as a personal assistant. The chatbots can answer customer queries, schedule viewings, offer 24/7 support, and even provide personalised recommendations.
Additionally, this tool can collect relevant information which could be leveraged for future marketing campaigns. These convenient solutions not only improve the customer’s experience but they also reduce the admin work for real estate professionals
Advanced Real Estate Analysis
Data is an integral part of many real estate choices. From price trends to average rental yields, these numbers impact key decisions buyers and sellers make. AI offers an opportunity to analyse real estate data in a way that is more accurate and efficient.
Moreover, AI tools can include multiple factors in their analysis, giving more accurate predictions. For example, companies like GeoPhy have developed AI-powered solutions to estimate the value of commercial properties.
What makes their tool so impressive is that it doesn’t just base it on historical pricing, but the smart algorithm can also factor in crime rates, school ratings and amenities nearby. This can help buyers and sellers make better-informed decisions.
Additionally, algorithms can also be used to analyse market trends and identify promising locations. Such tools would be invaluable for making an informed decision when investing in real estate.
The Challenges of AI in Real Estate
While we can not deny the benefits Artificial Intelligence offers to the real estate industry, it does not come without challenges and potential risks. One of the biggest challenges with AI in real estate is ensuring data security to make sure that sensitive data is not at risk.
Moreover, we are just scratching the surface of the applications of AI and it is rapidly evolving. This puts a burden on governments to create and enforce regulations on AI, which protect people yet don’t hinder technological advancements.
Frequently Asked Questions
The World Government Summit is held in Dubai, United Arab Emirates.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, established the World Government Summit in 2013.
The World Government Summit is an annual event held in Dubai where government officials, international organizations, and industry leaders discuss and address global challenges. It aims to promote international cooperation and identify innovative solutions for future governance.
The aim of the World Government Summit is to inspire and enable the next generation of government leaders, promote international cooperation, and identify innovative solutions for future governance challenges.
2023 has been a landmark year for Artificial Intelligence, and it is without a doubt that we are stepping into an AI-driven era. We can expect most if not all, industries to be impacted in some way or another by AI.
The real estate industry is no exception to this, and we are already seeing many case studies where AI is leading to groundbreaking efficiencies, sustainability and smarter living.
That is why we are eager to see how the implementation of AI in the industry will be discussed at the 2024 World Government Summit. For more insights on real estate trends in the UAE, you can check out Property Finder’s latest Market Watch for 2023.
