U.A.E. & Saudi Arabia Property Management Software Market Set for Significant Growth in Coming Years
- Published: April 2022
The U.A.E. property management software market generated revenue of $53.9 million in 2021, while the Saudi Arabia property management software market generated $37.0 million. This can be ascribed to the evolving requirement for remote property management among firms that manage properties in the two countries but do not have an office there.
For instance, amidst the pandemic, people prefer to work from home rather than from a local office, head office, or a global branch of an organization, therefore requiring mobility in terms of access to office resources and data. To keep the flow and speed of work uninterrupted and manage such a workforce, many organizations are looking for solutions for managing properties and other integrated property-management-related tasks, such as finding tenants, collecting rent, and managing rent agreements.
Another major factor that drives the industry is the increasing construction activities. The construction industry is expected to witness strong growth in the coming years owing to a large number of construction projects in the ongoing and tender/bidding phases related to the urban residential, transport, and utility sectors. For instance, the government in the U.A.E. has approved $15.5 billion for the construction of health, educational, and cultural infrastructure. Similarly, in Saudi Arabia government is focusing on enhance urban development under the Vision 2030.
Cloud-Based Software Dominates Market
Cloud-based software programs store data remotely or on the cloud, which gives users the flexibility to access it from anywhere, since it keeps the data on a server. Cloud systems are often cheaper than on-premises systems and offer better data security.
The demand for property management solutions in the residential and commercial sectors has risen in recent years due to the availability of higher internet bandwidths and virtual storage. Additionally, due to the advancements in information and communication technology, property management solutions have become crucial in the residential and commercial sectors. As a result, automation is being applied to a variety of property management operations related to leases, notifications, vacancies, invoices, and circulars.
Collaborations and Partnerships Are Most-Effective Strategic Measures
Players in the U.A.E. & Saudi Arabia property management software market have been involved in collaborations and partnerships to remain competitive. for instance:
- In February 2022, RealPage Inc. partnered with Measurabl Inc. to streamline environmental, social, and governance (ESG) technology for real estate. With this partnership, they bring advanced solutions connecting boardroom strategies and asset management to advanced automation, across leasing office and maintenance work order systems. Moreover, they are able to deliver powerful decarbonization, reporting, and compliance solutions to customers.
- In June 2021, RealPage Inc. partnered with Airbnb to launch a solution called Migo, to make housing more affordable. The solution offers the technology to make it easier for residents and property owners, by integrating with service providers to make Airbnb work better in apartments.
Some of the major players operating in the U.A.E. & Saudi Arabia property management software market are AppFolio Inc., Yardi Systems Inc., RealPage Inc., Entrata Inc., Virtual Dusk Media Solutions LLC, ResMan LLC, Streamline Vacation Rental Software, Guesty Inc., Peniel Technology LLC, RMS Cloud, Lodgify, Buildium LLC, and Rent Manager.