Development of Digital Ecosystems of the Real Estate Market: Russian and Foreign Experience

The article examines the digital transformation of the real estate markets of Russia and the UAE, related to the introduction of digital technologies and formation of digital ecosystems. The main emphasis is given to the influence of digital economy on the economic growth and development of the real estate market, as well as on the features and driving force of the leading foreign real estate markets. The authors note that over the past decade, the UAE has become a center for the creation of digital products and services and has gained a number of powerful competitive advantages due to the smooth digitalization 2:0. Using the method of comparative analysis, it was shown that Russia has moved to the first level of digitalization, called “patchwork automation”. Besides, new trends in the formation of digital ecosystems and their impact on the functioning of the real estate market were analyzed. The study reveals active initiatives related to digitalization, shows the development and intensification of transactions using blockchain, big data, artificial intelligence, virtual and augmented reality and other digital technologies. The main problems and new opportunities of the real estate market presented by digital transformation were described. The authors conclude that it is necessary to create a unified ecosystem of the Russian real estate market and increase the level of its digitalization based on the application of advanced foreign experience.