Introduction

Dubai, a modern international metropolis. It is the most populous city in the United Arab Emirates and also the wealthiest city in the Middle East. It hailed as the “City of Trade” in the Middle East and North Africa region.

Located in the central part of the Arabian Peninsula, on the southern coast of the Arabian Gulf. Dubai serves as the hub of the Gulf region. Despite its limited oil reserves, Dubai has successfully shaped its unique urban landscape through economic transformation and bold construction projects.

Business Situation of Dubai

In the eyes of most Chinese people, the Middle East is often associated with war and poverty. Surely one city has shattered this stereotype.

It doesn’t rely on oil for development, yet it has become one of the wealthiest regions in the world. It has turned the desert into a tourist destination. Dubai!

Dubai is a magical city. Built in the desert, it boasts modern architecture, wide roads, and beautiful greenery. It feels much like Singapore in Southeast Asia, but more majestic and prosperous. In Dubai, you can see all kinds of luxury cars, fashionable people, and people of various ethnicities. Dubai can be said to be the most open and diverse city in the Middle East.

Dubai has the highest GDP per capita in the entire Middle East region. Official data is $35,000, but in reality, the per capita GDP of the locals has exceeded $100,000. Dubai’s economy does not rely on oil. Oil accounts for only 6% of GDP, while the tourism industry accounts for over 20%. Tourists are more important to Dubai than oil; the wealth of this city comes from trade and port transit.

Dubai’s Property Market

The real estate market in Dubai is currently experiencing a frenzy, despite challenges faced by real estate industries in multiple countries.

“Real estate in Dubai is booming right now. New property launches are subject to lotteries, and they sell out as soon as they hit the market,” said Wang Yu, a Chinese real estate broker.

Dubai, known as the world’s most extravagant city, is witnessing an influx of global wealthy individuals and investors.

Over the past two decades, this city in the United Arab Emirates (UAE), situated in the Middle East, has transformed from a small fishing village into an international metropolis, surpassing even the capital, Abu Dhabi. Dubai is renowned for its towering skyscraper, the Burj Khalifa, the luxurious sail-shaped hotel, Burj Al Arab, the largest man-made island, Palm Jumeirah, and the legend of streets paved with gold.

The real estate industry has played a crucial role in the prosperity of this city.

After experiencing several ups and downs, Dubai’s real estate market is now witnessing a new wave of activity.

According to statistics, the first four months of 2023 saw a record number of real estate transactions in Dubai, with property prices and rents rapidly increasing.

As of April 2023, there were a total of 36,946 property transactions in Dubai, marking the highest record for the same period in history, with property prices averaging a 14.5% increase.

Luxury property transactions, in particular, are booming.

According to a forecast report by real estate consultancy firm, Knight Frank, Dubai ranks as the world’s fourth most active luxury residential market, with luxury property prices set to experience the strongest growth globally in 2023.

Since the late 1990s, the Dubai government has been vigorously developing the real estate sector, with projects such as the Palm Islands, the World Islands, Burj Khalifa, Business Bay, and Dubai Parks and Resorts, all along its coastline.

These large-scale projects have contributed to Dubai’s prosperity and attracted people from around the world for tourism, employment, and property investment.

In this city, where the expatriate population accounts for less than 20%, there have been two periods of real estate frenzy. The first occurred between 2006 and 2008, driven by the policies of becoming a “super city” and relaxed economic policies.

During this time, a large influx of foreign capital resulted in property prices more than doubling in less than two years. However, with the outbreak of the 2008 financial crisis, capital rapidly withdrew, leaving unfinished buildings and vacant properties scattered across the city.

The booming market of smart Mirror Dubai

The second boom happened in 2013-2014, following Dubai winning the bid to host the 2020 World Expo. Developers rushed to invest in real estate, making Dubai once again one of the hottest property investment destinations globally, with prices far surpassing those of the previous peak in 2008.

Subsequently, due to falling oil prices and the overinflated real estate market, Dubai’s property bubble burst again, leading to a downturn lasting five to six years.

In 2020, despite the onslaught of the pandemic, Dubai’s property market quietly entered a new golden period. As early as mid-2020, the Dubai government implemented lenient pandemic control policies and issued “golden visas,” coupled with global inflation and the impact of conflicts such as those between Russia and Ukraine, making Dubai a sought-after investment destination. “Many affluent individuals from India, Europe, and Egypt chartered planes to Dubai to evade their countries’ lockdowns,” recalled Wang Yu.

Seeking asset havens, Russians, cryptocurrency tycoons, and wealthy Indians flocked to Dubai, driving local real estate transactions. According to data from Betterhomes, a large real estate consultancy in Dubai, residential sales transactions registered in 2022 exceeded 86,000, an increase of nearly 75% compared to the previous year, and surpassed the record of 80,000 transactions set in 2009.

Dubai’s property market continued its growth trend in 2023. Data disclosed by the Dubai government showed that property transactions in Dubai surged 80% to AED 157 billion (approximately RMB 300 billion) in the first quarter of 2023, with no signs of slowing down. Other data indicates that approximately 5,000 new homes were completed in the first quarter, far below current market demand.

The Smart Home Automation in Dubai

The journey of artificial intelligence (AI) development in the United Arab Emirates (UAE) began in October 2017. At that time, the UAE Artificial Intelligence Strategy was officially launched, and His Excellency Omar Al Olama was appointed as the first Minister of State for Artificial Intelligence.

The “UAE Artificial Intelligence Strategy 2031” includes eight key objectives aimed at establishing the UAE as a global AI hub, attracting global talent, enhancing research capabilities, providing data-driven infrastructure to support AI experiments, and optimizing AI governance and regulations.

Over the past two decades, Dubai has invested heavily in building innovative seamless interactive e-government systems and services. It has also constructed hardware infrastructure, attracted global technology experts, and conducted city-wide data collection based on principles of human-centric classification to ensure that AI and other emerging technologies fully empower the city’s development.

In 2023, the Dubai government established the Dubai Artificial Intelligence Center, which serves as a testbed for innovative AI technologies, empowering AI to benefit society and play a practical role. The center aims to drive the deployment of generative AI technologies in key areas of the city’s public sector.

Furthering Dubai’s AI ambitions is “DubaiAI,” a digital city concierge service powered by AI ChatGPT. It is essentially a flagship application launched by the government for all city services, covering more than 250 services from 35 government and semi-government agencies.

This unique platform, released by the Dubai Digital Authority, is forming a new model to promote efficient collaboration and futuristic concepts.

It will accelerate the economic agenda outlined in Dubai’s D33 Economic Agenda, which aims to achieve sustainable economic growth and development by digitally transforming projects to contribute AED 100 billion (USD 27.2 billion) annually to the city’s economy.

Dubai Smart Mirror Project with Vercon

The VERCON SMART MIRROR project is located in the Jumeirah area of Dubai, specifically in Cluster K, which is one of the most vibrant and upscale regions in Dubai. The developer behind this project is MAG ROYAL, one of Dubai’s renowned top ten real estate developers.

The project offers a diverse selection of residential units, including sky villas, studios, and apartments with 1, 2, and 3 bedrooms.

This variety allows potential residents to choose a home that suits their specific needs and preferences.

Whether you’re looking for a cozy studio apartment or a spacious three-bedroom residence. Viewz by Danube aims to cater to different lifestyles and requirements.

The Jumeirah Lakes Towers community is well-regarded for its modern infrastructure, upscale amenities. Meanwhile stunning views of the surrounding lakes and Dubai skyline.

As a resident of Viewz by MAG Royal, you can expect to enjoy a vibrant lifestyle with access to various facilities. Such as swimming pools, fitness centers, landscaped gardens, play areas, and more.

Additionally, JLT offers convenient access to major road networks, making commuting and traveling within Dubai relatively easy. The neighborhood also provides proximity to a wide range of dining, shopping, and entertainment options, ensuring residents have plenty of choices for leisure activities.

Overall, Viewz by Danube presents a luxurious residential experience with its iconic twin towers. Aston Martin furnished interiors, and a wide range of apartment options.

What can smart mirrors do for Dubai projects?

In today’s increasingly popular smart home trend, the smart mirror for apartments, as a piece of “black technology” for homes, has gradually gained attention and favor from people.

The smart mirror not only serves the traditional function of a mirror, but also provides various convenient services. It allowing residents to enjoy a more intelligent and comfortable lifestyle.

Equipped with a high-definition display screen. The smart mirror allows residents to check news, weather forecasts, schedules, and other information while grooming themselves.

Its touch and voice interaction capabilities enable residents to control smart home devices with simple operations. Such as lights, music, and air conditioning while getting ready.

Moreover, the smart mirror can also be part of a smart home system, linking with other smart devices. For example, when residents approach the mirror, the lighting automatically adjusts to a suitable brightness.

when they leave, the lights turn off automatically. This intelligent experience undoubtedly makes life more comfortable.

The smart mirror also boasts a wealth of entertainment features. Residents can watch movies, TV shows, short videos, and more through the smart mirror, making home life more colorful. Additionally, the smart mirror allows video calls with family and friends, fostering closer relationships and friendships.

Written in the End:

This project was successfully delivered in April 2024. VERCON SMART MIRROR received high praise from Dubai clients for its contribution to this project. Additionally, another smart mirror tower project, scheduled for delivery around the same time, is also receiving attention.

We believe that in Dubai’s thriving real estate market, VERCON SMART MIRROR will play an increasingly important role. We look forward to collaborating with more Dubai real estate developers, design firms, and bathroom brands. We hope to further expand the smart mirror market in Dubai.