AB Majlis: 90% of Dubai property could face job losses in the next year, warns industry veteran
Around 90 per cent of real estate brokers in Dubai will not have jobs 'in their current format' within 12 to 18 months as artificial intelligence reshapes the industry, according to a veteran property broker.
Ainsley Duncombe, founder of Off Market Listing Dubai, told Arabian Business' s AB Majlis podcast that technology would transform how agents operate in the emirate's booming property market.
'Tech is going to play a massive role in terms of real estate in the region and in Dubai. I would go as far to say 90 per cent of the real estate brokers will not have a job in its current format over the next 12 to 18 months,' Duncombe said.
The property veteran, who has been in Dubai's real estate market for 17 years, compared the coming disruption to how Uber transformed the taxi industry, suggesting only high-end luxury segment agents would be least affected.
'There'll still be the 10 per cent of brokers that will continue to transact in a similar way to what they're doing now. That's more going to be in the luxury segment,' he added.
Duncombe, previously international business director for Property Finder where he opened six markets across the Middle East, said AI would dramatically change buyer behaviour and broker operations.
'Moving forward, we're going to see a lot more educated consumer,' he said, explaining that property seekers would use AI to generate highly detailed property requirements rather than general enquiries that brokers typically handle.
'There's not a broker in the country, myself included, that can give you all the stats on 100 units, or 5,000 units or 50,000 units. There isn't anybody that can do it. AI is going to be able to do that,' Duncombe said.
Despite predicting technological disruption, Duncombe dismissed claims that broker fees would disappear entirely, saying 'you are always going to need a broker' though their role would change significantly.
He noted that Dubai continues to attract unprecedented wealth migration, with more enquiries from people looking to relocate than he has experienced in his 18-year career.
Asked about emerging opportunities, Duncombe expressed optimism about Ras Al Khaimah's property market, where he has personally invested, and highlighted the exclusive World Islands development, describing it as 'a gated community in the ocean' just nine minutes by boat from mainland Dubai.
Duncombe established Off Market Listing Dubai to specialise in properties not publicly listed on real estate portals, catering to high-net-worth individuals and celebrities seeking privacy in their property transactions.
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